Evergreen Real Estate Group, a leader in the development, construction, and management of both affordable and market-rate multifamily properties, has announced the completion of Bellwood Senior Apartments. The 80-unit community at 542 25th Ave. in Bellwood, Ill., a western suburb of Chicago, provides independent living options for low-income seniors.
The $31.5 million project replaces a former Walgreens that had been vacant for nearly five years. The new four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors aged 62 or older, with incomes at or below 60% of the Area Median Income. The building is expected to be 40% leased in December and reach full occupancy in the next few months.
“Bellwood Senior Apartments shows what is possible when an underutilized, vacant site is transformed into an asset that improves the quality of life for everyone in the community,” said Illinois Housing Development Authority (IHDA) Executive Director Kristin Faust. “Mayor Harvey and the Village Board have been champions in bringing housing and economic growth to Bellwood, and we look forward to continuing this work together to ensure affordable housing is a priority for the community’s future.”
Affordable Senior Living Community Features
Homes at Bellwood Senior Apartments include full kitchens, accessible bathrooms, plank flooring, window treatments and intercom entry systems. Residents will share access to amenities including a fitness center; laundry rooms on each level; community rooms on floors one, three, and four; and storage rooms with individual lockers for each unit. The development also includes outdoor seating areas and surface parking for resident use.
Designed by Weese Langley Weese Architects, the contemporary building features gray and black brick masonry accented with large offset vertical panels, dramatic roof overhangs and bright perforated metal panel screens. Situated on the corner of Washington Boulevard and 25th Avenue, the building faces both streets, with a covered front entrance along Washington, and features four floors of floor-to-ceiling glass curtain wall that also encloses the resident community activity spaces.
Bellwood Senior Apartments is less than a mile north of the Eisenhower Expressway, approximately a mile from the Melrose Park Metra station, served by the Union Pacific West Line, and close to bus routes that connect to the CTA’s Forest Park Blue Line station.
Financial partners for Bellwood Senior Apartments include IHDA as the tax credit issuer (both Low Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided a TIF loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; Cook County, which provided HOME funds; and the ComEd Energy Efficiency Program.
On the Building Team:
Developer: Evergreen Real Estate Group
Architect: Weese Langley Weese
GC: F.H. Paschen
Related Stories
Green | Mar 25, 2024
Zero-carbon multifamily development designed for transactive energy
Living EmPower House, which is set to be the first zero-carbon, replicable, and equitable multifamily development designed for transactive energy, recently was awarded a $9 million Next EPIC Grant Construction Loan from the State of California.
Adaptive Reuse | Mar 21, 2024
Massachusetts launches program to spur office-to-residential conversions statewide
Massachusetts Gov. Maura Healey recently launched a program to help cities across the state identify underused office buildings that are best suited for residential conversions.
Multifamily Housing | Mar 19, 2024
Jim Chapman Construction Group completes its second college town BTR community
JCCG's 200-unit Cottages at Lexington, in Athens, Ga., is fully leased.
Multifamily Housing | Mar 19, 2024
Two senior housing properties renovated with 608 replacement windows
Renovation of the two properties, with 200 apartments for seniors, was financed through a special public/private arrangement.
MFPRO+ New Projects | Mar 18, 2024
Luxury apartments in New York restore and renovate a century-old residential building
COOKFOX Architects has completed a luxury apartment building at 378 West End Avenue in New York City. The project restored and renovated the original residence built in 1915, while extending a new structure east on West 78th Street.
Multifamily Housing | Mar 18, 2024
YWCA building in Boston’s Back Bay converted into 210 affordable rental apartments
Renovation of YWCA at 140 Clarendon Street will serve 111 previously unhoused families and individuals.
MFPRO+ News | Mar 16, 2024
Multifamily rents stable heading into spring 2024
National asking multifamily rents posted their first increase in over seven months in February. The average U.S. asking rent rose $1 to $1,713 in February 2024, up 0.6% year-over-year.
Adaptive Reuse | Mar 15, 2024
San Francisco voters approve tax break for office-to-residential conversions
San Francisco voters recently approved a ballot measure to offer tax breaks to developers who convert commercial buildings to residential use. The tax break applies to conversions of up to 5 million sf of commercial space through 2030.
Apartments | Mar 13, 2024
A landscaped canyon runs through this luxury apartment development in Denver
Set to open in April, One River North is a 16-story, 187-unit luxury apartment building with private, open-air terraces located in Denver’s RiNo arts district. Biophilic design plays a central role throughout the building, allowing residents to connect with nature and providing a distinctive living experience.
Affordable Housing | Mar 12, 2024
An all-electric affordable housing project in Southern California offers 48 apartments plus community spaces
In Santa Monica, Calif., Brunson Terrace is an all-electric, 100% affordable housing project that’s over eight times more energy efficient than similar buildings, according to architect Brooks + Scarpa. Located across the street from Santa Monica College, the net zero building has been certified LEED Platinum.