Essex Realty Group, Inc. has been exclusively engaged to market for sale Jeffery
Towers, a 135-unit multifamily property located at 7020 S Jeffery Blvd in Chicago’s
Jackson Park Highlands neighborhood. This building was the subject of an $18.2
million affordable housing development in 2015. In addition to funding, the City of
Chicago issued 4% Low Income Housing Tax Credits to finance the development.
The project involved replacing or upgrading all of the major systems including
plumbing, electrical, heating, sprinklers, exterior masonry restoration, new elevators,
apartment doors, and an exterior and interior ramp for disabled access. As a result
of the development, there are AMI restrictions in place that run with the building for
30 years from the date of the development that a buyer would need to continue to
abide by for the rest of the term.
This stunning mid-rise building contains 135 total apartment units [54 Studios and
81 1BD/1BA]. There is a favorable assumable loan with a 4.87% interest rate and a
current balance of $5.4M (81% LTV at list). Located in a highly desirable pocket of
Jackson Park, Jeffery Towers sits right next to the CTA Orange Line Bryn Mawr
station and is within close proximity to the proposed Obama Presidential Library
Site.
Jeffery Towers presents a rare opportunity for a qualified investor to capture above
market cash-on-cash returns by consolidating operations of a recently upgraded,
meticulously maintained building and taking advantage of a low rate, high leverage
assumption.
7020 S Jeffery Blvd
- 2015 Low Income Housing Tax Credit Development
- Assumable Debt: 4.87% IR, Current Balance of $5,437,433
- Approx. 50 Subsidy Tenants
- Professionally Owned and Meticulously Operated by Mission Driven Local Owner
- Opportunity for Investor to Capture Stellar Cash-On-Cash Returns with Low Rate, High Leverage Assumption
- Close Proximity to CTA Orange Line Bryn Mawr Station and Proposed Obama Presidential Library Site