Property Overview
Interra Realty has been exclusively engaged to market Boxelder Court located at 6205 S Langley Ave. Located in Chicago's historic Woodlawn neighborhood, the subject investment property is comprised of 19 apartments. The property is a courtyard apartment building with high curb appeal. In addition, the property is in close proximity to the University of Chicago with strong connectivity to Downtown Chicago.
The property features a diverse unit mix of (1) 1Br, (17) 2Br, and (1) 3Br units, some of which have two full bathrooms. Select units feature balconies and fireplaces, hardwood floors, with carpeted bedrooms. Kitchens have been remodeled and feature dishwashers.
This Offering presents a compelling opportunity for a new investor to acquire a well-located asset in an in-demand submarket.
*100% of the units shall at all times during the Project Term, shall be occupied by Families whose AMI at initial occupancy do not exceed 120% AMI as determined by HUD and subject to Hud modifications. See P. 11 Rent Table
Highlights
- Attractive Courtyard building extensively renovated in 2012 utilizing the NSP
Program which has affordability restrictions based on Area Median Income (AMI).
10 units are allocated at 50% AMI, and 9 units are allocated at 120% AMI (* See
Table Page 13). The underlying City Debt at a 0% interest rate must be assumed
as part of the purchase price. 1/15th of this debt has been forgiven each year
beginning in 2012 and ending in 2027. - Six (6) units are subject to a project-based rental assistance contract with CHA
(PRA) for an initial term of 20 years set to expire in November 2032 - Ideal Woodlawn Location with close proximity to University of Chicago and and
extensive Chicago Parks - Balanced Unit Mix: (1) 1Br, (17) 2Br, and (1) 3Br units
