Property Overview
Interra Realty has been engaged to market Ironwood Court located at 6015 S Indiana. The subject property is a courtyard building in Washington Park submarket of Chicago's South Side. The property features (35) 2Br, (9) 3Br, and (2) 4Br apartments.
The property envelope has been restored to its original 1916 elegance including a gracefully landscaped courtyard. The residential units were updated to include modern conveniences in 2011. The units feature spacious layouts, many feature private balconies, and are individually heated and cooled. There is a common on site laundry room as well.
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.
Highlights
- Attractive Courtyard building extensively renovated in 2011 utilizing the NSP Program which has affordability restrictions based on Area Median Income (AMI). 34 units are allocated at 50% AMI, and 12 units are allocated at 120% AMI (*See Table Page 14). 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 2012 and ending in 2027.
- Thirteen (13) units are subject to a project-based rental assistance contract with CHA (PRA) for an initial term of 20 years set to expire in August 2031
- Highly Desirable Unit Mix: 2, 3, and 4 Bedroom Units
- Landscaped Courtyard
