Acquisitions—Chicago, Illinois

Archer Courts

  • 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.
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Project Profile

Acquisition and preservation of a 146-unit, mid-rise, 100% family Section 8 community located in Chicago IL.

Project Status

ANTICIPATED ACQUISITION: 2021

Total Project Size / Budget
146 Units