- Archer Courts is a 146-unit, 7-story, 100% family Section 8 community located at 2242 S Princeton Avenue, Chicago IL.
- Archer Courts is well located in Chinatown. The property has excellent curb appeal owing to its striking curtain wall façade and colorful doors. The facility also benefits from a large existing community space including a health center.
- The property received a LIHTC rehab in 1999 and is now into its extended use period.
- The property will benefit from a comprehensive rehab with a focus on upgrading unit finishes and appliances, replacing aging building mechanical systems, replacing the roof, and making ADA upgrades. The property is expected to meet Enterprise Green Communities certification.
- The property is located next door to another Rose/PMD acquisition, Chinatown Elderly.
- Ownership will introduce a new resident services coordinator at Archer Courts, who will also oversee services offerings at Chinatown Elderly. This will enable both properties to function as a more cohesive campus.The property is subject to a ground lease with the Chicago Housing Authority that expires in 2098 (additional 99-year term option at ground lessee’s discretion after 2093).
- The property will be owned in a 50/50 joint venture with Rose Affordable Housing Preservation Fund V, L.P. and Prairie Management & Development.
- The property will be managed by Prairie Management & Development.
Acquisition and preservation of a 146-unit, mid-rise, 100% family Section 8 community located in Chicago IL.
ANTICIPATED ACQUISITION: 2021
Total Project Size / Budget