Habitat Company Will Manage Fourth Affordable BLVD Capital Property in Chicago
The Drexel Properties are comprised of four courtyard-style buildings and include popular local retail services such as a hairdresser, grocery store and other retailers.
CHICAGO, IL—Chicago-based The Habitat Company has assumed property management of The Drexel Properties, a 155-unit affordable housing development in Chicago’s Kenwood neighborhood. Owned by Beverly Hills, CA-based BLVD Capital, The Drexel Properties marks the fourth property Habitat has managed for the California firm since May 2017. Including the 641 rental units owned by BLVD Capital, Habitat’s affordable housing management portfolio now totals more than 10,000 total units.
“Habitat has always been committed to affordable housing and we remain dedicated to the sector today,” says Matt Fiascone, president, The Habitat Company. “We are truly thankful and honored when companies like BLVD Capital continue to seek us out because of our affordable housing management expertise and are pleased to continue partnering with them to ensure the properties are impeccably run and maintained for residents.”
The four BLVD Capital properties Habitat will manage in the Chicago-area are:
- The Drexel Properties: 4420-4428, 4532-4542 and 4700-4712 S. Drexel and 4725-4727 S. Ingleside; 155 one-, two- and three-bedroom apartments in the Kenwood neighborhood; under Habitat management since November 2018.
- Garden Estates: 909 Pine Tree Court; 174 one-, two- and three-bedroom apartments in Michigan City, IN; under Habitat management since February 2018.
- Indian Trails Apartments: 251 E. 121st Place, 221 E. 121st Place and 12141 S. Indiana Ave.; 180 one- and two-bedroom apartments in Chicago’s Roseland area; under Habitat management since May 2017.
- Ridge Garden Apartments: 10010-10040 S. Sayre Ave.; 132 one-bedroom apartments in Chicago Ridge; under Habitat management since May 2017.
The Drexel Properties are comprised of four courtyard-style buildings and include popular local retail services such as a hairdresser, grocery store and other retailers.
“As we continue to see out-of-town owners and investors drawn to Chicago’s multifamily market, it makes perfect sense that they would want a boots-on-the-ground property management firm that has deep ties to the local market,” says Fiascone. “That’s even more true when it comes to the affordable housing sector. Our expertise in managing affordable housing properties definitely sets us apart.”
Habitat started as an affordable housing developer on Chicago’s South Side in 1971, growing to become one of the largest multifamily developers, owners and managers in the country. Today, the company’s management portfolio includes more than 22,000 units across seven states, of which nearly half are affordable or public housing.
Correction, 2/14/2019, 12:38 a.m.: Because of an editing error, an earlier version of this story misidentified the photo as depicting The Drexel Properties. The photo actually depicts Ridge Garden Apartments, another BLVD Capital property managed by Habitat.