HOMEWOOD, Ill. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Freedom Village, an affordable seniors housing community in Homewood, approximately 20 miles south of downtown Chicago.
Originally built in 1998 with tax credits from the Illinois Housing Development Authority, Freedom Village is a three-story building featuring 198 units in a mix of one- and two-bedroom floorplans. Apartments are reserved for seniors earning up to 60 percent of the area median income (AMI).
Freedom Village was 98.5 percent occupied at the time of sale. The seller and price were not disclosed.
“This project sits in a unique part of Cook County as residents are walking distance to major retail corridors and public transportation,” says Ann Caruana, president and chief investments officer at PEF Advisors.