Denton, Texas – 240 units
240-unit mid-1990s apartment community located in Denton, Texas on a 16-acre site. Amenities include a resort-style swimming pool, outdoor BBQ gilling station, fitness facility, and clubhouse. Interior amenities include 9’ ceilings, in-unit laundry connections, spacious open floor plans, and private outdoor space for each unit. Ansonia’s value-add program encompasses in-unit upgrades including quartz countertops, stainless steel appliances, and wood plank-style flooring. Amenity enhancements include a clubhouse renovation to create a co-working space and expanded fitness center.
Fairways of Naperville
Naperville, Illinois – 210 units
210-unit garden apartment community located in affluent Naperville, Illinois, suburban Chicago’s premier location for population and job growth. Fairways offers an ideal blend of low-density suburban lifestyle with a convenient location walkable to commuter rail servicing downtown Chicago. The property was constructed in 1985 on 17 acres and offers amenities including a resort-style pool, grilling station, fire pit, dog park, fitness center and business center. Partially renovated under prior ownership, Ansonia implemented an upgraded program including new kitchen cabinets, quartz countertops, stainless steel appliances and dramatically transformed the apartments to an “open plan” with island kitchen.
The Crossings at St. Charles
St. Charles, Illinois – 208 units
208-unit garden apartment property located in St. Charles, Illinois, a community with exceptional demographics and excellent schools in west suburban Chicago. Built in 1988, Crossings is set on 13 acres of mature landscaping and water features with a resort-style pool, clubhouse, fitness and business center. Well-designed one- and two-bedroom apartments offer in-unit laundry, spacious floor plans and private outdoor space for each unit. Renovated unit interiors feature new kitchen cabinets, granite countertops, stainless steel appliances, subway tile backsplash and vinyl plank flooring, and Ansonia re-worked select unit types to create an “open plan” layout.
Wheeling, Illinois – 264 units
Ansonia acquired and is renovating this 264-unit mid-rise community in a JV with an institutional equity partner. Mandalane offers a job-rich location served by top-rated schools in Chicago’s prosperous north suburbs. Ansonia de-risked the business plan by self-imposing a middle-income affordability restriction on a portion of the property in return for favorable loan terms from Freddie Mac. The value-add plan encompasses unit renovations and creating a community “commons” with gathering spaces, outdoor kitchen, recreational areas and a dog park.
Madison, Wisconsin – 122 units
Brighton Square is tranquil community-oriented property with a location that offers unrivaled access to metro Madison’s highway network. Residents are attracted by the attractive mature landscaping, large floor plans, and high-touch service. Ansonia added amenities including a grilling station and dog park, renovated building entries and common hallways, and updated kitchens and bathrooms. The property’s public presentation was refreshed with new property branding, signage, exterior lighting and a renovation of the leasing & management office.
2101 S. Michigan
250 units, 5500 sf commercial
250-unit high-rise offering sweeping views of downtown and the lakefront, located in Chicago’s rapidly developing South Loop. As the local sponsor with an institutional JV partner, Ansonia repositioned this formerly 100% subsidized property constructed in 1971 to compete successfully against new construction luxury buildings rising to meet demand in this changing neighborhood. Improvements include a new building entrance, renovated lobby, new resident amenities including clubroom, co-working space and fitness center, and a complete aesthetic makeover of all common areas. Upgraded landscaping, exterior accent paint and lighting and new signage present a new image to the public. Resident service upgrades include attentive 24-hour door staff, installation of Wi-Fi in public areas and implementing an all-property smoke-free policy.
4700 Lake Park
Chicago, Illinois – 218 units
218-unit apartment community located along the lakefront in Chicago’s vibrant Kenwood/Hyde Park neighborhood. The property offers unobstructed skyline and lake views from a 26-story high-rise offering Studio, One- and Two-Bedroom floor plans, as well as Three-Bedroom plans in two low-rise buildings sited to form a courtyard oasis. Ansonia crafted an innovative plan layering multiple financing sources to preserve this irreplaceable affordable housing and fund a substantial rehab updating unit interiors, common areas and replacement of building systems—all without displacing a single resident. Ansonia’s work was recognized with the prestigious 2018 CNDA-Polk Bros. Foundation Rental Housing Preservation Award.
Lake Point Terrace
Madison, Wisconsin – 125 units
125-unit apartment community located in Madison, Wisconsin acquired direct from the lender following foreclosure with occupancy below 60%. Ansonia managed the property back to full occupancy and completed a unit renovation program, installed washer/dryers in select floor plans, updated entries and common corridors, implemented energy efficiency upgrades, and addressed significant deferred maintenance. New amenities added included a resident lounge, business center, fitness facility and dog park.
212 units, 22,000 sf commercial
212-unit adaptive re-use of the former Florsheim Shoe Company headquarters into luxury condominiums with 240 indoor heated parking spaces and ground floor retail. Transforming a downtown office building to residential use may now seem commonplace, but as the first significant conversion project in Chicago Metropolitan Place faced considerable skepticism. An architecturally-sensitive design added four floors of new construction atop the original structure and at the same time restored the elegant International Style geometry of the original design by a world-renown architecture firm that had been masked by Florsheim’s modifications over time.
2 E. Eighth
Chicago, Illinois – 330 units
Ansonia affiliate purchased the non-performing first mortgage note on this 28-story mixed-income high-rise provided a path to acquisition of the fee interest at a time when tax considerations ruled out a sale by the owner. Ultimately the property was acquired by a deed-in-lieu of foreclosure. Net operating income from the 330 apartments, 204 parking spaces and 30,000 square feet of retail space increased by more than 150% in the first full year of operation, as new management practices were implemented and rents were rationalized and brought to market rates. To help support the repositioning of the property, the common areas were renovated and deferred life-safety and maintenance items were addressed.
Chicago, Illinois – 110 units
Ansonia recognized the durable advantages of this location and the opportunity to invest with scale in a revitalizing infill area. These mid-rise buildings with 110 apartments represent an ideal transit-oriented development—located down the block from the newly renovated Morse Red Line station—and within easy walking distance of Chicago’s lakefront and Loyola University. Restaurants, shops, theaters and a Farmer’s Market are prospering around the “L” station and offer an appealing mix of services and urban vitality that attracts residents. Combining these properties under common management with another nearby asset enabled Ansonia to implement on-site staffing and realize efficiencies of scale while also providing improved resident service.
1412 W. Chase
Chicago, Illinois – 56 units
56-unit mid-rise apartment located in Chicago’s Rogers Park neighborhood, one block to the lakefront and the “L” train. Ansonia completed a major renovation and re-tenanting of this foreclosure purchase in less than 12 months while driving occupancy from 60% at acquisition to stabilized at 95%. The capital improvement program included new windows, high-efficiency variable power steam boiler, 800 amp master electrical switch and riser distribution system, reflective roof, extensive tuckpointing, and new elevator motor and controller. Ansonia refreshed the identity of this property by removing an ungainly old awning and dated textured stucco to reveal its elegant 1920s-era façade and articulated stone base, and implementing a complete makeover of the building lobby, hallways, and elevator cabs.
Chicago, Illinois – 55 units
Ansonia saw through the benign neglect of attention to this 55-unit property located in the commercial hub surrounding the heavily utilized Morse “L” station in Chicago’s Rogers Park neighborhood. Ansonia identified value in the proximity to transit, roomy all-1BR floor plans, extra-tall 9’ ceilings, and great light in these apartments. The fact the property was in disrepair and rents were way below market were attractions, and ones Ansonia judged correctable. Following acquisition, Ansonia embarked on a comprehensive renovation including restoration of the entry, redecorated hallways, and rehabilitation of apartment interiors.
St. John Homes
Gary, Indiana – 144 units
Three years of persistence was required to assemble financing for the acquisition and substantial rehabilitation of this 144-unit property, ultimately enabling the transformation of what the Indiana HUD office cited as its most troubled property. Proceeds from a HUD-insured second mortgage and the syndication of low-income housing tax credits funded the comprehensive renovation of units, replacement of major building systems, addition of roof gables to enliven the architectural vocabulary, and site and street modifications to improve management’s ability to monitor access to the property.
Ansonia created value by conceiving and entitling a plan to transform a long-time neighborhood blight into an attractive mixed-income residential development. Two abandoned buildings and three lots sat idle for more than four years after a prior developer defaulted midway through building an assisted living facility. Ansonia’s plan for this varied assemblage utilized demolition, renovation and new construction strategies to create 64 new construction condominiums, 8 rental flats, 16 townhomes and 39 units of affordable housing that shared a common architectural vocabulary. Ansonia worked successfully with the community to create a Tax Increment Financing (TIF) District and gain approval of a Planned Unit Development enabling the redevelopment.
Ansonia identified the opportunity to transform a dilapidated 18,000 square foot single-story retail building set behind a large parking lot into a vibrant mixed-use gateway to Chicago’s Edgewater neighborhood. Utilizing the existing zoning capacity of the 100,000 square foot site, Ansonia created a redevelopment plan comprised of 465 apartments in two towers offering unobstructed lakefront and downtown views as well as a 55,000 square foot replacement store for the grocery tenant. The site design also created a new off-street CTA bus turnaround, fulfilling a longstanding community desire. Ansonia created a new Tax Increment Financing (TIF) district and entitled the site for redevelopment.