POAH (Preservation of Affordable Housing) Preserves Chicago Property with AHIBKyle Shoemaker
Affordable Housing Investment Brokerage (AHIB) is pleased to announce that Levy House in Chicago has sold for $8,100,000. Located at 1221 W. Sherwin Ave, Levy House is well placed in Chicago’s East Rogers Park neighborhood. Kyle Shoemaker, Managing Director of AHIB represented the buyer, Preservation of Affordable Housing (POAH), and seller, a non-for-profit.
Levy House is a 57-unit, seven-story apartment building that offers one-bedroom, one-bathroom floor plans. The property operates as elderly housing and Preservation of Affordable Housing plans to keep and expand the property’s rent affordability.
While a portion of the property operated with a rent subsidy from the Chicago Low Income Housing Trust Fund, POAH will be able to expand the property’s affordability with additional assistance from the Chicago Housing Authority. Upon acquisition, POAH also plans to execute a rehab and modernization plan.