Lake Grove Village
- Lake Grove Village is a 458-unit, partial Section 8 family community located at 3500 S Lake Park Avenue / 3555 S Cottage Grove Avenue, Chicago IL.
- The affordability mix includes 92 HAP units, 17 units subsidized by the Chicago Low Income Housing Trust Fund, 305 LIHTC-restricted units, and 44 market rate units.
- Located in the near South Side in an improving neighborhood a mile east of the Illinois Institute of Technology.
- Designed by Mid-Century French architect, Paul Depondt, the property consists of 10-story high rise towers and 3-story midrise strictures.
- The property is located adjacent to Stephen A. Douglas Tomb, which is a state historic site.
- The property has a long-standing partnership with The Center of Higher Development (COHD), which is a non-profit organization that provides computer training, workforce development and job readiness skills, GED preparation, practical life skills, and educational resources via technology with the purpose of providing digital opportunities in under-served communities in the Chicago-land area. COHD operates out of the community center on site.
- In furtherance of its Communities of Opportunity goals, ownership includes the nonprofit, Habilitative Systems Inc. (HSI). HSI will oversee the work done by COHD and will seek to deliver additional services to the community.
- Ownership has invested approximately $1 million for targeted unit upgrades, improved site lighting, and deferred and preventative maintenance.
- Property ownership includes the 1% SLP Habilitative Systems and Inc, Rose Affordable Housing Preservation Fund IV, L.P. as the 0.01% Managing GP. The 98.99% LP interest is owned 99.99% by Fund IV and 0.01% by Prairie Management & Development.
- The property is managed by Prairie Management & Development.
Acquisition and preservation of a 458-unit, high-rise, 20% Section 8 family community located in Chicago, IL.
Total Project Size / Budget