MIAMI, FL - Housing Trust Group (HTG), a leading multifamily developer that develops, builds, and manages a $4 billion portfolio of affordable, workforce, market-rate, and senior housing, is excited to announce the completion and grand opening of Crescent Place, a brand-new $18.2 million affordable housing community in Arlington Heights, Illinois. Located about 40 minutes north of Downtown Chicago, the community marks HTG’s entry into the state of Illinois's affordable housing market.
In partnership with non-profit developer Turnstone Development Corporation, Crescent Place provides 40 affordable units reserved for income-qualifying residents who earn at or below 30 and 60 percent of area median income (AMI), with rents ranging from $621 to $1,489 per month.
“Amidst the challenges posed by escalating rental rates, investment in affordable housing in the Chicago area has never been more essential,” said Matthew A. Rieger, President and CEO of HTG. “We are delighted to bring HTG’s signature high-quality affordable housing to Illinois with the completion of Crescent Place, and in turn provide 40 apartments for small families and professionals seeking well-priced apartments near their jobs.”
The developer hosted a grand opening ceremony with partners to commemorate the significant milestone on Wednesday, November 15th. Jordan Tolman, Chief Operating Officer of HTG was accompanied by distinguished speakers that included District 27 State Senator Ann Gillespie and Village of Arlington Heights Mayor Thomas W. Hayes.
The pressing demand for affordable housing in the Chicago metro area is starkly evident. According to a recent CoStar report, nearly half of Chicago residents feel cost-burdened and spend at least 30 percent of their income on housing. The metro’s rental rates have surged by 3.6 percent since August of last year, surpassing the 1.2 percent national average increase and outpacing 20 other major metro areas nationwide.
Situated on a 2.3-acre lot at 310 W Rand Road, the affordable four-story community offers a variety of spacious one and two-bedroom units ranging from 646 to 880 square feet. Amenities include a community room, library, computer cafe, fitness room, tenant storage compartments, bicycle storage, and 80 outdoor parking spaces (including eight designed to meet ADA parking standards). Additionally, the property boasts a resident garden, an outdoor patio and a walkway seamlessly integrating with the existing public sidewalk system.
Funding sources for Crescent Place include a $10.9 million construction loan and $1.65 million permanent loan from BMO Harris Bank; $12.1 million in 9% Low Income Housing Tax Credit Equity from National Equity Fund (NEF); $4 million from the COVID-19 Affordable Housing Grant Program provided by the Illinois Housing Development Authority; and a $110,214 ComEd grant for building according to Energy-Star efficient standards.
The development team for Crescent Place consisted of general contractor Henry Bros Co., civil engineering Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, interior designers Frosolone Interiors, energy efficiency consultant Eco Achievers, and property management team UpHoldings.