Boulevard Commons Apartments Project FHA # 071-35616 (Purchased through the Federal Government)
5417 West Washington, Chicago, IL Main office (15 buildings) 60644-3233
- 1,000+ Tenant Apartment Complex
- 15 Buildings (Walk-Ups)… 30% skilled and adult and memory care .
- Designed with the Elderly in mind, Assisted Living Features Throughout
The entire building was in great need of repair; a large project that as a former Fannie Mae purchaser, was perfectly matched for us.
This was a non-project based complex, 500,000 square feet requiring nearly 8 million dollar build out . We brought occupancy up from 30% to 95% in 3 months following the rebuild. The HUD demands for comprehensive repair were satisfied. Both Greystone bank and HUD had done extensive reviews on work performed and our grades for quality of work were excellent as usual. FHA rates quality of purchaser, base upon outcome. Subsequent projects come to those who perform best. This project was sold to a large REIT.
- New Doors
- Hotel Carpeting
- Many new kitchens and bathrooms
- Asbestos Cleanup
We were able to satisfy the social needs of this complex by properly providing tenants with a warm, welcoming, community-oriented building. Effective management means good staff, diligence and organization. Tenants were very satisfied and good tenants stayed.
In addition to extensive repairs and remodeling, the building was designed with the 55+ community in mind. Community rooms were included in centrally located, easy access areas within the multi-building complex. A library, game room, in-house clinic, fitness center, dining room and salon were primary offerings available to the tenants.
Our team of managers, led by Patrick McEvoy, arranged a full calendar of events from game nights and travel to local museums and city highlights, to educational activities and book clubs.
Prospective tenants were carefully approved, subsequently a community of people seeking a quiet and healthy lifestyle was established and flourished. Tenants were able to decorate and choose finishing’s of their individual apartments and in conjunction with a well thought out and beautifully finished common area, the buildings remained cohesive and clean.
The complex was sold in perfect condition with nearly full occupancy in 2006 to a Real Estate Investment Trust. In 2010 as the REIT fell into foreclosure, Chicago Housing Authority and Fannie Mae called me to bid on this building for a second time with special pricing as they knew of our capabilities. We declined.