Property Overview
Interra Realty has been exclusively engaged to market Winterberry Place Apartments located at 4800 S. Calumet Ave. The subject property is a walkup building in the Bronzeville submarket of Chicago's South Side. The property features (7) 1Br, (9) 2Br, and (5) 3Br apartments. The property is in close proximity to Metra Transit providing strong connectivity to Downtown Chicago.
The property envelope was faithfully restored to reflect the original stately red brick construction and style of the early 1900's and features wrought iron and limestone detailing and a rear courtyard. The units feature spacious layouts, many of which feature private balconies, and the units are individually heated and controlled. There is a common on-site laundry facility.
The property presents qualified investors the opportunity to acquire a stabilized property encompassing strong cash flow in addition to a demonstrable path in moving rents to market in an in-demand submarket experiencing significant growth and new development in the immediate vicinity.
Highlights
- Attractive walk up building extensively renovated in 2013 utilizing the NSP
Program which has affordability restrictions based on Area Median Income
(AMI). 12 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. 1/15th of the debt has been
forgiven each year beginning in 2013 and ending in 2028. - Initially Six (6) of the units are subject to a project-based rental assistance
contract with CHA (PRA) for an initial term of 30 years set to expire
November 30, 2043. 100% of the property is income restricted. - Balanced unit mix of (7) 1Br, (9) 2Br, and (5) 3Br apartments
