Evergreen Real Estate Group expands national affordable housing portfolio

Property management division of Chicago-based firm expands with addition of new properties in Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin

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Oso Apartments
Evergreen Real Estate Group, in partnership with the Chicago Housing Authority, recently completed the construction of Oso Apartments, a 48-unit affordable housing community in Chicago’s Albany Park neighborhood. Evergreen also serves as property manager for the new community.

Chicago-based Evergreen Real Estate Group, a leader in the acquisition, development, rehabilitation and management of both affordable and market-rate multifamily housing, announced it has been retained to manage affordable housing communities comprising a total of 971 units across Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin. The assignments include a mix of affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to 8,500 units throughout the U.S.

“The need and demand for affordable housing continues to grow, and Evergreen has the cross-market experience needed to deliver comprehensive property management services that help preserve, enhance and expand housing options for low-income households,” said Steve Rappin, president of Evergreen Real Estate Group. “Our firm utilizes an integrated approach, which means our construction, development, acquisition and management teams work hand-in-hand to provide expertise across multiple disciplines. The efficiencies created by our model benefit not only residents, but also third-party owners, housing agencies and other partners.

“We are excited to announce these new properties under management, which are a mix of newly renovated apartments along with new construction, including affordable senior residences co-located with public library branches developed through a creative partnership with the Chicago Housing Authority and Chicago Public Library,” he added.

The new management assignments include the following properties:

  • Oso Apartments – 48-unit affordable family housing community in Chicago
  • Humboldt Ridge Apartments – 100-unit affordable family housing community in Chicago
  • Independence Apartments – 44-unit affordable senior community co-located with a Chicago Public Library branch in Chicago
  • Northtown Apartments – 44-unit affordable senior community co-located with a Chicago Public Library branch in Chicago
  • Oakridge Village Apartments – 90-unit affordable senior and family housing community in Antioch, Ill.
  • Holmes Greenway Housing – 54-unit affordable senior and disabled housing community in Minneapolis
  • Eastridge Estates – 126-unit affordable family housing community in Rochester, Minn.
  • Oak Park Village Apartments – 100-unit affordable family housing community in St. Louis Park, Minn.
  • Pelham Manor – 101-unit affordable family housing community in Toledo, Ohio
  • Greenview Gardens Apartments – 137-unit affordable family housing community in Butler, Penn.
  • Golda Meir House – 127-unit affordable senior housing community in Milwaukee

“Evergreen’s property management team is mission-driven and committed to providing housing and services that improve the quality of life for the residents who call our communities home,” said Rappin. “We believe our success—and the successful outcomes we achieve for our owners, investors and residents—is grounded in this fundamental purpose.”

As property manager, Evergreen will oversee site-level operations and, in some communities, spearhead capital improvements using low-income housing tax credits and other subsidies.