Evergreen Real Estate Group, based in Chicago, has recently completed the construction of Green Oaks of Valparaiso. This three-story assisted living community offers 120 units for low-income seniors in Valparaiso, Indiana. The project was a $30 million investment and is located at 2550 W. Morthland Drive with a mix of 48 studio and 72 one-bedroom apartments.
The development was led by Evergreen Construction Company, a division of Evergreen Real Estate Group as the general contractor. Prior to its opening, the community had already achieved an impressive number of pre-leases totaling to about 90%. Gardant Management Solutions is responsible for managing this property.
Funding for this project came from various sources including the Indiana Housing and Community Development Authority (IHCDA) which awarded Low Income Housing Tax Credits (LIHTC). Additionally,the City Economic Development Commission provided tax-exempt bonds that were sold by Piper Sandler while PNC Bank invested in LIHTC equity.
Join us on June4th ,2024 at W-Chicago,City Center Hotel,in Chicago,Illinoisfor Connect Midwest: Multifamily,Affordable Student & Senior Housing Trends where we will have G.Joseph Cosenza,Vice Chairmanof The Inland Real EstateGroup LLCand Presidentof InlandRealEstate AcquisitionsLLCas our keynote speaker.We look forwardto seeing you there!
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