Residence Corporation Announces Acquisition of 16–24 North Austin
January 24, 2008 - The Oak Park Residence Corporation today announced that it has acquired a 31-unit apartment building located at 16–24 North Austin Boulevard, Oak Park. The building is located immediately north of the Madison Street commercial district and immediately south of St. Catherine & Lucy School.
Residence Corporation Executive Director, Edward Solan, stated: “This building is located in a very important area of the Village. It has a major influence on the health of the neighboring commericial district and the adjoining church and school.”
The Residence Corporation is planning a thorough renovation of the property including roof replacement, updating of the electrical system, and unit upgrades. No relocation of the current tenants is anticipated.
The Residence Corporation secured mortgage financing for this transaction through LaSalle Bank and the Illinois Finance Authority.
The Oak Park Residence Corporation is a community-based, non-profit housing development corporation. Its primary mission is to promote Oak Park's historic strength as a diverse and economically-balanced community by providing quality rental housing at an affordable price. The Residence Corporation carries out its mission principally by acquiring older apartment buildings, rehabilitating them into assets that contribute to their neighborhood, and providing quality property management services.
For additional information, please contact Edward Solan at (708) 386-6061.
Residence Corporation Elects Officers for 2007/08
At its annual meeting in September, the Oak Park Residence Corporation elected its officers for 2007/8. Wayne Pierce, Managing Director of SBK Brooks, an investment banking firm, was elected President. Former Oak Park Village Trustee William Marshall will serve as Vice President. Warren Wenzloff, a partner in the Chicago law firm, Applegate & Thorne-Thomsen, was elected Treasurer. Marge Greenwald, a realtor with Gloor Realty, will serve as Secretary.
Other members of the Board of Directors are Joi Cregler, Christine Linde, and James West.
The Residence Corporation, a not-for-profit corporation, was established in 1966 to prevent blight in Oak Park's apartment buildings and to promote the development of affordable housing for the Village's low and moderate income residents. It also has developed housing for low-income elderly residents and persons with disabilities. The Corporation is governed by a nine-member board of Oak Park citizens who serve without compensation.
For additional information, please contact Edward Solan at (708) 386-6061.
