The Habitat Company Adds Four Chicago-area Properties Totaling Almost 1,000 Units to Condo Management PortfolioFebruary 3, 2017
Chicago-based The Habitat Company, a leading U.S. multifamily property developer and manager, has been awarded the property management contracts for four condominium properties in the Chicago area. With the additional 951 units in downtown Chicago and suburban Prospect Heights, Habitat has increased its management portfolio by 30 percent in the last five months.
“As the condominium market continues its recovery, it makes sense that more condominium boards are looking to strengthen their building’s position in a competitive market,” said Matt Fiascone, president of The Habitat Company. “The boards and residents of these four communities will immediately benefit from Habitat’s in-depth expertise, successful and proven processes, streamlined services and personable staff.”
The four condominium properties Habitat will manage include:
- 2400 N. Lakeview, Chicago – a 30-story luxury high-rise designed by Mies van der Rohe and comprised of 262 one-, two- and three-bedroom residences directly across from the city’s popular Lincoln Park
- Cornell Village – 5201 S. Cornell Ave., Chicago – a complex of 166 residences (including 148 two- and three-bedroom condominiums, and 18 townhomes) near Burnham Park in Hyde Park
- Park Place – 600 N. Kingsbury St., Chicago – a 20-story contemporary condominium tower overlooking the Chicago River in River North, including 163 one- and two-bedroom residences
- River Trails – 811 Apple Drive, Prospect Heights, Ill. – a garden-style community consisting of 360 units, featuring one-, two- and three-bedroom condos
Habitat has already assumed management for three of the communities, while it will begin overseeing 2400 N. Lakeview in February 2017.
According to Diane White, senior vice president of condo management for The Habitat Company, these four condominium boards were especially drawn to Habitat for its best business practices in areas such as general accounting, financial reporting, assessment collection, team building, use of innovative technology and proactive building engineering services.
For example, to optimize procedural efficiencies and maximize cost savings, The Habitat Company offers its clients volume purchasing discounts in areas such as property insurance and utilities (gas and electricity). The company’s proprietary budget program also provides real-time forecasting and reporting, which has proven a useful tool in managing day-to-day financial responsibilities more efficiently.
“In addition to our numerous processes that streamline a community’s daily operations, what boards and residents also appreciate is Habitat’s proactive approach in communicating with them to enhance the living experience for every condominium owner,” White said. “Each project is unique with distinct characteristics and needs, and Habitat’s goal is to implement and execute the directives as outlined to make the board’s vision for its community a reality.”
White noted residents of these four properties can expect the following additional benefits under Habitat’s management:
- A new tracking system and log to ease coordination of move-in/move-out traffic
- Optional electronic assessment statements
- Board access to monthly financial reports
- Potential savings of at least 25 percent in premiums through participation in The Habitat Company Master Insurance Program
For more information about Habitat’s condominium management capabilities, visit www.habitat.com.
About The Habitat Company
Founded in 1971, The Habitat Company is a full-service residential real estate company specializing in property management, acquisitions and development. One of the largest residential property developers and managers in the United States, with over $3 billion in assets and more than 23,000 units under management across five states, the company’s portfolio spans a range of property types, from mid- and high-rise condominium, apartment and adaptive reuse developments to senior and affordable housing communities. Headquartered in Chicago, with more than 800 employees throughout the United States, Habitat is dedicated to improving the communities it serves through innovation and a commitment to excellence. For more information, visit www.habitat.com.