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POAH Acquires Two Former Heartland Properties on Near West Side
Preservation of Affordable Housing (POAH) acquired two residential properties, Harvest Commons and Warren Ashland Apartments, from the distressed Heartland Housing portfolio. Situated less than a mile from the United Center, the properties are located on Chicago’s Near West Side at 1519 and 1533 W. Warren Blvd., respectively, and comprise 164 mixed-income apartments.
The two properties were developed and previously owned by nonprofit Heartland Housing, which ceased operations after falling into financial distress. Heartland’s portfolio of Chicago and Wisconsin properties went into receivership in 2023, and this acquisition represents the preservation of two of the largest of those assets.
“This acquisition is important for POAH as a nonprofit that has been rescuing at risk properties in the City of Chicago since 2008,” said Bill Eager, SVP for POAH’s Midwest office. “We look forward to restoring the long-term health of these properties so that we can continue to provide this much-needed affordable housing for this community.”
POAH will be the managing partner and has a general partner interest in two separate low-income housing tax credit partnerships for the properties. Enterprise Community Partners is the limited partner on behalf of the tax credit investors.
- ◦Sale/Acquisition
