CHICAGO (WBBM NEWSRADIO) -- Two companies with expertise in real estate management and development have joined forces to preserve affordable housing in Englewood on the South Side.
Jonathan Rose Companies and 5T Management will invest and manage Englewood Gardens- a 13 building 167-unit scattered housing site in Englewood. 5T Management said it will install flooring at all units, upgrade cabinets, make fire/life safety improvements, greening upgrades and exterior repairs.
“We are thrilled about the opportunity to partner with 5T and preserve affordable housing in a neighborhood that has suffered for years of chronic disinvestment, while also enriching the surrounding communities with social services,” said Nathan D. Taft, Partner and Senior Managing Director at Jonathan Rose Companies in a statement.
Alderwoman Jeanette Taylor was pleased with the move.
“Chicago is blessed with great housing stock – that we have local developers teaming up with well-respected companies like Rose makes me confident that our community will have the resources we need to thrive.”
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