North Wells Capital Makes Opportunity Zone Investment in Chicago MF
North Wells says the planned rehab in an opportunity zone offers benefits for investors and the neighborhood.
CHICAGO, IL—North Wells Capital, the investment management affiliate of Chicago-based Urban Innovations, is acquiring 6943 S. Cornell, a 43-unit multifamily rental property in Chicago’s South Shore neighborhood. North Wells Capital plans to make substantial upgrades to units and common areas at the property. The redevelopment was financed by Byline Bank, building on its strong relationship with North Wells Capital.
Originally constructed around 1912, 6943 S. Cornell is a classic example of eclectic architecture. The property needs significant updating and repair to restore it to its previous standard of providing affordable, highly efficient, quality housing. 6943 South Cornell is located just a couple of blocks south of Jackson Park, home of the new Obama Center scheduled to break ground in the spring.
6943 S. Cornell is located in one of Chicago’s designated Opportunity Zones, under the new federal program created to encourage investment in underserved communities by providing tax incentives. North Wells Capital is one of the first firms to announce an Opportunity Zone investment in Chicago.
“North Wells Capital is looking forward to restoring this beautifully built courtyard building and through it creating a positive impact on the surrounding neighborhood,” says Jim Fox, CEO of North Wells Capital. “Everyone is talking about Opportunity Zone investments, but very few transactions have occurred to date. North Wells and our affiliate, Urban Innovations, have a long and successful track record of making investments that improve the local area, specifically as pioneers in River North. This represents the first of what we hope are many opportunities to contribute to the revitalization of underserved neighborhoods in Chicago.”