1.
Developer:
Project
Description:
Project
Location:
BERWYN SENIOR APARTMENTS
Berwyn Development Corporation
3322 S. Oak Park Avenue
Berwyn, IL 60402
The proposed project will consist of new construction age-qualifying rental
apartments developed in conjunction with various multi-family funding sources
and/or low income housing tax credit funds administered by the Department of
Housing and Urban Development (HUD), the Illinois Housing Development
Authority (IHDA) and other sources of financing.
6901-6916 Stanley Avenue -- or -- 3308 S. Oak Park Avenue
Berwyn, Cook County, Illinois
The city of Berwyn is located in Cook County in northeast Illinois, approximately
ten miles southwest of the city of Chicago. Major regional transportation systems
serving the properties include Interstate 55, located 2.5 miles south and the
I-290/Eisenhower Expressway, situated 2.5 miles north. As illustrated on
Exhibit 1.1, the subject properties each represent a transit-oriented development
opportunity within a designated redevelopment district of downtown Berwyn,
defined as the Depot District.
Site
Descriptions:
Situated on the north side of the
METRA rail lines, the Stanley Avenue
property currently supports a 6,500+/square foot single story office building
and an adjoining surface parking lot.
To the east and west, storefront
merchants such as a dry cleaner, an
upholstery business, a graphic design
firm, and an insurance brokerage comingle
with
privately-managed
vintage apartments.
The 3308 S. Oak Park Avenue
property, formerly Berwyn Finer
Foods, is situated directly west of
MacNeal Hospital in the heart of the
downtown district. The property is
bordered to the south by a bank/office
facility and public parking lot, and to
the north by storefront merchants,
office
and
consumer
service
providers, along with Century Station,
a 52-unit mixed-use condominium
development.
Page 1.1
TRACY CROSS & ASSOCIATES, INC.
GEOGRAPHIC ORIENTATION: DEPOT DISTRICT – POTENTIAL SENIOR APARTMENTS
BERWYN, IL
1.1
Rockford
Chicago
6901-6915 Stanley Avenue
Berwyn
Peoria
3308 Oak Park Avenue
Springfield
Source: Berwyn Development Corporation and Microsoft Streets & Trips
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Beyond the downtown district, the general environs of each potential
development site are characterized by tree-lined residential neighborhoods of
Chicago-style bungalows, turn-of-the-last-century frame homes and courtyardstyle vintage apartment buildings, schools, churches and parks.
The Conceptualized
Apartment
Development:
In accordance with the City of Berwyn’s Depot District Redevelopment Plan, the
Berwyn Development Corporation (BDC) envisions a residential living
environment conducive to an aging populace, affording convenient access to
healthcare, transportation, shopping and a myriad of social, cultural and
entertainment options. The Berwyn Senior Apartments would represent rental
apartments reserved for persons aged 55 and older, a portion of which may be
designated as affordable to moderate-income mature households.
In conjunction with a yet-to-be-named development partner, the BDC could
potentially form an alliance with a senior advocacy organization whose mission
would be to provide residents with access to wellness, social service
programming and other supportive activities designed to encourage continued
independence and interaction. In this regard, Berwyn Senior Apartments would
fulfill IHDA’s Housing Task Force Initiatives relative to at risk seniors in Cook
County.
Conclusions:
Page 1.2
Based upon a thorough analysis of all demographic, demand and competitive
market factors expected to influence future age-qualifying rental development
within Berwyn and its environs as detailed in the body of this report, the
conceptualized Berwyn Senior Apartments is viewed as having strong market
potential. In fact, the program supports all the necessary ingredients for
successful development with this conclusion founded on the basis of the
following:
‰
The locations of the potential development sites are viewed as excellent.
Each is situated within the downtown business district of the city of
Berwyn, within walking distance of a variety of services, healthcare,
churches, civic gathering spots, shopping, dining and entertainment, as
well as local senior centers. Further, with multiple modes of public transit
at their doorstep, and proximity to Interstates 55/290/294 and major
regional thoroughfares such as Cicero and Harlem avenues,
employment concentrations not only in the city but throughout the
suburban region are readily accessible. Future residents would also
have access to door-to-door bus transport services provided through
Berwyn’s Senior Services department. And, of course, the downtown
transit-oriented locale will enhance marketing exposure.
‰
Reflecting its urban environment, the resident household base is aging in
place, with population and household growth among seniors aged 55
and older in both the Primary Market Area (PMA) and Secondary Market
Area (SMA) expected to substantively increase over the next five years.
‰
Our affirmative conclusion also reflects the fact that, although the
majority of mature householders in the market area are homeowners
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
(and especially those at age categories 55-64), based upon Census
2010 estimates, a sizable 26.0 percent are renters. These statistics
reflect the influence of not only age- and income-qualifying apartments,
but also several long established continuing care retirement communities
in the market area such as the British Home in Brookfield, and Plymouth
Place and Bethlehem Woods in LaGrange Park, to name a few. Notably,
in Berwyn proper, mature renter households represent 28.1 percent of all
occupied housing units, despite the fact that the city is void of agerestricted rental housing forms at present.
Page 1.3
‰
Overall, the conceptualized Berwyn Senior Apartments will face limited
direct competition. For example, over the last ten years, there have
been only 41 new fair market rental units introduced in the whole of the
market area, representing only 5.4 percent of total fair market agequalifying inventory. Of these, 30 are distributed among three mixedincome developments which are fully leased, while the remaining 11
units represent service-enhanced rentals which command average lease
rates in excess of $2,500 monthly, thus disenfranchising a significant
component of resident mature households in terms of affordability.
‰
Similarly, the vast majority of non age-restricted rental communities in
the overall area are also now some 25 to 40 years old and are at or
nearing obsolescence. Further, most are of small scale, averaging 22
units in size and lack any of the community amenities which appeal to
the mature residents. Notably, there are no fair market rental
developments (conventional or age-qualifying) proposed in the whole of
the market area.
‰
Addressing affordable (income-qualifying) rental development, only six of
the 17 communities proximate to Berwyn, and a collective 544 units have
been built since 2003 (35.2 percent of affordable rental inventory), with
the majority of existing programs now some 15 to 25 years old. Yet,
despite their age, vacancies in this housing subset are extremely tight,
with only 14 units currently unoccupied (0.9 percent) and all programs
reporting extensive waiting lists for residency. Hence, as an affordable
or mixed-income development, Berwyn Senior Apartments would serve
to alleviate the significant strain evident in this housing sector.
‰
Finally, there is more than adequate demand in the Berwyn Market Area
for age-qualifying rental housing, in both the fair market and affordable
housing sectors. Specifically, applying upon mobility, tenure and lifestyle
factors to the base of households aged 55 years and older and earning
at least $35,000 per annum reveals that the entire market area is
capable of absorbing 106 new age-restricted rental apartment units
annually during the 2011-2016 forecast period. Berwyn itself represents
roughly 16.0 percent of this demand potential, or 17 units per year.
Additive to this demand equation, given the age and condition of existing
rental inventory (conventional and age-qualifying) the Berwyn Market
Area would require a net replacement of 85 rental units annually to
balance units lost to demolition or abandonment and merely maintain
current vacancy levels; yet (again) there are no new fair market rental
units proposed in the whole of the market area.
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Similarly, focusing upon low to moderate income mature household
segments reveals that, in the Berwyn Market Area, there are currently
7,878 mature households earning incomes between 30.0 and 60.0
percent of area median based upon 2011 income parameters
determined by HUD and used as a guideline by IHDA and other public
housing authorities. Based upon these calculations, the prototype 40unit development (or some component therein) need penetrate less than
1.0 percent of income-qualifying households aged 55+ in the whole of
the market area, and not more than 6.0 percent of households in the
immediate PMA to achieve full lease-up of an affordable or mixedincome program. This penetration rate is well below the overall 5.0 to
7.0 percent rate typically considered acceptable by IHDA.
Product
Recommendation:
Assured that there is sufficient demand to sustain stabilized occupancies within
an age-restricted living environment, the following table forwards product
recommendations along with a benchmark lease strategy for a 40-unit agerestricted fair market rental community which will appeal to the intended mature
constituency and competitively position the development within the marketplace.
The recommended program envisions a midrise residential building which could
be accommodated on either the Oak Park Avenue or Stanley Avenue sites.
A RECOMMENDED PRODUCT MATRIX: BERWYN SENIOR APARTMENTS
BERWYN, IL
Fair Market
40-Unit
Prototype
Plan Type
(1)
Number
Percent
Plan A
Plan B
Plan C
4
32
4
10.0
80.0
10.0
Total/Wtd. Average:
40
100.0
Bedrooms/
Unit Size
Monthly Rent(1)
Baths
(Sq. Ft.)
$
$ / Sq. Ft.
0 / 1.0
1 / 1.0
2 / 1.0
450
675
850
$800
995
1,150
$1.78
1.47
1.35
---
670
$991
$1.48
Benchmark rents are presented in current dollars and carried forward to an anticipated 2013 market introduction.
Benchmark rents include water/sewer, refuse collection, and common area utilities; tenant is responsible for all other
utility expenses.
Source: Tracy Cross & Associates, Inc.
As shown, suggested plan offerings include studio, one and two bedroom, one
bath designs ranging in size from 450 to 850 square feet, with the average unit
providing 670 square feet of living area. The suggested unit sizes and
distributions by unit type are consistent with new construction senior
developments not only in the market area but throughout the suburban
landscape as well. For example, 63.3 percent of fair market apartments, 58.7
percent of service-enhanced alternatives, and 87.3 percent of age- and incomequalifying apartments, reflect one bedroom plan types.
Moreover, the
recommended product line will maximizes densities within the two potential
development sites, given building height and parking requirements within the
Depot District. To this point, the suggested unit sizes are modestly smaller than
Page 1.4
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
floor area zoning requirements currently in place for the Depot District and may
require variance approval.
The land plan and streetscape must be conducive to a mature resident
population, with sidewalks and appropriate curb cuts/ramps to facilitate safety
and pedestrian-oriented functionality. Approximately ten percent of the units
should be designated as handicap accessible, while the remaining units should
be adaptable for physically disabled and/or special needs residents such as
those with visual or hearing impairment.
The suggested product line assumes a level of community amenities and interior
appointments commensurate with new construction alternatives in the
marketplace, including on-site management and building maintenance, free
laundry facilities on each floor, a community room with Pullman kitchen for social
gatherings, 24-hour security, internet connectivity, and off-street secured parking.
Ideally, the development would form an alliance with a home healthcare agency,
providing on-site space to be utilized for wellness programming, and other ala
carte personalized services. Other optional amenities could include participation
in “market day” or comparable pre-packaged food delivery services and/or
optional meal plans served within the community room.
The apartments themselves should feature enlarged doorways, fully applianced
kitchens, baths outfitted with safety bars and shower seats, walk-in master
bedroom closets in all one and two bedroom units, appropriate utility outlet
placement, and emergency call systems.
Benchmark rents for the fair market development, which are presented in current
dollars carried forward to an anticipated 2013 market entrance, extend from $800
to $1,150 monthly, translating to a weighted average monthly rent of $991 or
$1.48 per square foot. Included in the monthly rent are water/sewer, refuse
collection, and common area utilities. It is expected that the resident will be
responsible for all other utilities.
Absorption
Potentials:
Market
Positioning:
At benchmark rents, Berwyn Senior Apartments will generate an overall
absorption rate of 4.5 units per month, enabling the 40-unit prototype
development to achieve full lease-up within nine months of first occupancy. This
absorption period assumes extensive pre-marketing, lead list generation and unit
reservation efforts commence in tandem with the public review and approval
process, site improvement and construction periods.
Rationale supporting the recommended apartment program, the benchmark
rental strategy, and the forecasted absorption period is summarized as follows:
‰
Page 1.5
To reiterate, the recommended product line is consistent with new
construction senior rental housing alternatives found throughout the
Chicago region, providing floor plan configurations that are fully
functional as it relates to livability for mature tenants, i.e., interior features
and amenities such as specially designed baths, conveniently located
electrical outlets, etc., which serve to enhance the older adults’ ability to
sustain independence.
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Page 1.6
‰
Moreover, the suggested community amenities, coupled with a
downtown location steps from a host of healthcare, transportation and
daily necessities, afford a superior living environment compared to
virtually all other conventional or age-qualifying rental alternatives in the
marketplace and will enhance the overall marketability of the community.
‰
The benchmark rental strategy fully considers affordability constraints of
the market area’s resident mature household base. Mature market area
householders, for example, support a relatively modest median annual
income of $44,040. In Berwyn proper, median incomes of the cohort
household base currently stand at $37,550 yearly. There are, however,
some 6,000 householders in the overall market area aged 55 and older
earning between $21,000 and $46,000 yearly, incomes sufficient to
support the benchmark rents based upon a typical senior housing
allocation cost factor of 45.0 percent of annual income. In Berwyn
proper, roughly 2,380 mature householders currently support the
requisite incomes.
‰
As illustrated on Exhibits 1.2 and 1.3, the benchmark rent strategy
positions the recommended fair market development $98 monthly above
market average rents among competing fair market senior developments
for comparable footage, and approximately $75 above the two newest
and most proximate developments, namely Riverwalk in Lyons and
Countryside Senior in Countryside. This value positioning is fully justified
given the superior lifestyle location of the conceptualized development,
coupled with the new construction alternative. Moreover, the benchmark
rent strategy enables the development to maintain a significant under
market variance relative to competing independent living, serviceenhanced alternatives where (again) required service fees extend from
$2,500 monthly.
‰
Also, the average benchmark rent of $991 equates to a value of $1.48
per square foot, a value position some 37.0 percent higher than the
$1.08 per square foot average noted among conventional (non agequalifying) rental alternatives in the market area. The above market
positioning is viewed as reasonable given the new construction
alternative, the scale of the suggested community, and the suggested
community amenities which are designed to appeal to a mature resident.
‰
Finally, the forecasted absorption rate of 4.5 units monthly balances
levels of pent-up demand for new construction fair market senior housing
with the market realities of an uncertain economic environment.
Specifically, a stagnant housing market, significant loss of equity and
wealth depletion from four-plus years of economic chaos, coupled with
an expanding home health care industry which affords alternatives to
relocation will certainly weigh heavily upon lifestyle choices for
transitioning seniors over the next several years. Moreover, while
vacancy rates among age-qualifying fair market and service-enhanced
communities are currently balanced, it is expected that this marketplace
will face increasing competition as current residents continue to vacate
independent options and transition to more supportive levels of care.
TRACY CROSS & ASSOCIATES, INC.
Rent/Value Analysis
Representative Fair Market Senior Apartments
Berwyn CMA
September 2011
1.2
1,200
Rent (In Current Dollars)
1,100
1,000
900
800
700
600
500
400
200
300
400
500
600
700
800
900
1,000
Sq. Ft.
Program (Vacancy/Absorption)
Studio
One Bedroom Flat
Two Bedroom Flat
Countryside Senior (0.0)
The Briarwood (0.0)
Riverwalk (25.0)
Melrose Commons (0.0)
Berwyn Senior Apartments (4.5/Mo. Fcst.)
Market Line
Rent/value analysis uses a scatter diagram to graphically represent a set of observations found in today's marketplace, specifically the square footage of units offered and their associated rent
levels. Regression analysis is then used to fit a line through the set of market observations that represent the "best fit" or average market line. This market line can then be used to predict the
performance of a new, untested product line or offer explanations regarding the occupancy/absorption rates of currently available product lines.
Source: Tracy Cross & Associates, Inc.
9-11AVG
Rent/Value Analysis
Representative Fair Market Senior Apartments
Berwyn CMA
September 2011
1.3
Plan Size
(Sq. Ft.)
200
300
400
500
600
700
800
900
1,000
Average
Market Rent
$479
567
655
743
831
919
1,007
1,095
1,183
Program/Location
(1)
(1)
Berwyn Senior Apartments at Benchmark
Riverwalk/Lyons
Countryside Senior/Countryside
The Briarwood/Forest Park
Melrose Commons/Melrose Park
Average
Market
Rent
Variance
From
Market
$+98
+77
+46
1
0
-1
-2
-103
Year Built/
Renovated
--2003
2010
670
746
590
$991
1,037
868
$1.48
1.39
1.47
$893
960
822
528
768
1.45
768
358
803
616
907
1.72
1.13
618
1,010
---- Market ----
(1)
Average Rent
Rent per
Dollars
Sq. Ft.
Average
Plan Size
(Sq. Ft.)
1933
2003
Vacancy
Rate
(Monthly
Absorption)
4.5/Mo. Fcst.
25.0
0.0
4.6
0.0
0.0
Slope: $0.88 per sq. ft.
(1)
Represents mixed-income community; statistics reflect fair market units only.
Source: Tracy Cross & Associates, Inc.
9-11AVG
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Shifting demographics in terms of both age and levels of affordability are
expected to result in weakening market conditions over the long term as
these communities compete for a diminishing pool of potential incomequalifying senior consumers. These factors are reflected not only in the
benchmark rent strategy, but also in realistic projected absorption levels.
Alternative
Development
Strategies:
As also detailed throughout this report, the Berwyn Market Area also supports
more than sufficient demand for income-qualifying affordable senior rental
housing. To this end, the 40-unit prototype development could also be
introduced under a mixed-income strategy, wherein 40 to 60 percent of the units
(16 to 24 units) could be designated for moderate to low income seniors earning
not more than 60.0 percent AMI. For that matter, some component (say ten
percent) could be reserved as supportive housing for very low income at risk
seniors which could enhance the likelihood of approval by IHDA. Under a mixedincome scenario, the distribution of unit types should remain constant.
Specific to designated affordable units, maximum gross rents by unit type, which
include incremental costs for utilities, are established annually by IHDA. For
financial modeling purposes, the following table outlines maximum rents based
upon IHDA’s 2011 Maximum Rent Schedule, assuming residency at 60.0
Percent AMI for analytical purposes only. This table also presents suggested net
monthly rates assuming an estimated average $105 per month utility allowance.
AN ALTERNATIVE DEVELOPMENT MATRIX: A MIXED-INCOME COMMUNITY
BERWYN, IL
Net
Gross
Plan Type
Plan A
Plan B
Plan C
Total/Wtd. Average:
(1)
(2)
(3)
Monthly Rent(3)
Unit
Bedrooms/
Unit Size
Monthly
Utility
Distribution
Baths
(Sq. Ft.)
Rent(1)
Allowance(2)
$
$ / Sq. Ft.
0 / 1.0
1 / 1.0
2 / 1.0
450
675
850
$786
842
1,011
$85
105
115
$701
737
896
$1.56
1.09
1.05
---
670
$853
$105
$839
$1.25
10.0
80.0
10.0
100.0
Rents reflect IHDA 2011 Maximum Monthly Gross Rents for Multi-Family Programs; assumes 40.0 to 60.0 percent of
development designated as affordable (16 to 24 units); utilized for analytical purposes only.
Utility allowance estimated for analytical purposes only.
Assumes all residency at 60.0 Percent AMI; utilized for analytical purposes only.
Source: Tracy Cross & Associates, Inc.
A mixed-income development strategy would position Berwyn Senior Apartments
to maximize overall senior rental housing demand potentials in the marketplace
thus allowing for a reasonable absorption period for each component of the
community. For example, it is expected that an affordable component would be
fully leased within a three-month qualification and residency approval period prior
to first occupancies, thus constricting the absorption period of market units to a
three- to five-month timeframe depending upon unit allocation, thereby improving
overall economic return.
Page 1.7
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Closing
Remarks:
Page 1.8
In closing, our firm has endeavored to present a rental apartment product line
which will compliment redevelopment initiatives established by the City of Berwyn
and provide area seniors with a new construction alternative which is functional
and enhances livability and a sense of community. In addition, the suggested
development scenarios will allow the community, under either a fair market or
mixed-income alternative, to not only achieve a reasonable initial absorption but,
more importantly, to sustain stabilized occupancies of 95 percent over the long
term, despite what is expected to remain a challenging economic and competitive
environment.
TRACY CROSS & ASSOCIATES, INC.
2.
BERWYN AND ITS ENVIRONS
The subject properties are located within the historic Depot District of downtown Berwyn, Illinois. Slated
for full demolition and redevelopment, the properties include an approximate 17,500 square foot parcel
located at 6901-6916 Stanley Avenue, along with a 25,876 square foot parcel located at 3308 Oak Park
Avenue. Either of these properties will accommodate the 40-unit midrise prototype development.
GEOGRAPHIC ORIENTATION: POTENTIAL SENIOR APARTMENTS
DEPOT DISTRICT - BERWYN, IL
6901-6915
Stanley Avenue
3308 Oak Park
Avenue
Source: Berwyn Development Corporation and Microsoft Streets & Trips
Adjacent
Land Uses:
Page 2.1
Berwyn is a mature first-ring suburb of
Chicago which experienced its
strongest growth prior to and
immediately following WWII. As such,
the city benefits from all the elements
of the urban lifestyle. Berwyn’s well
established
downtown
business
district features with a variety of retail,
dining, entertainment and consumer
services, all within a two-to-three
block walking distance of the
proposed development sites. These
include, among others, a fresh market/deli, branch facilities of Harris Bank, a
Walgreen’s pharmacy as well as MacNeal Hospital, a 338-bed hospital and
trauma center along with related service providers and clinics.
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Over the last decade many of the regions rail line communities experienced
resurgence in development activity, particularly mixed-use residential
development within their respective downtown districts, attracting local
downsizing consumers as well as younger professional singles, couples and
young families desirous of an urban lifestyle. The city of Berwyn, too, witnessed
the introduction of several smaller-scale midrise and garden condominium
developments beginning in 1999, along with a modicum of teardown/new
construction single family development, as new generations of families settled in
the city. Recognizing the importance of preserving the strong cultural heritage of
Berwyn, while also positioning the city to serve generations to come, a
comprehensive redevelopment plan for Berwyn’s downtown district was
commissioned, spearheaded by local entrepreneurs, public officials and
residents. This plan, unveiled in 2005, reflects the City’s long term vision of a
vibrant entertainment, retail, dining and residential atmosphere, to include a
variety of housing options, a pedestrian-oriented streetscape, and landmark civic
structures to foster a renewed sense of community.
Several key components of the
redevelopment plan have been
initiated, including construction of a
new 300-space parking garage to
facilitate commuters as well as local
shoppers, while a number of
streetscape projects have been
completed, and the main METRA
commuter
station
has
been
renovated. Several new restaurants
and consumer service providers have
also invested in downtown.
Recent urban-oriented residential projects include Ridgeland Crossing and
Century Station, highlighted as follows:
‰
Page 2.2
Ridgeland Crossing: Ridgeland Crossing is an 84-unit residential
community located at Ridgeland and 34th Street, roughly five blocks east
of the potential development sites, and proximate to the LaVergne
Avenue METRA station.
This development began marketing in
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
November 2005, featuring a variety of one and two bedroom plan
designs. Average sales prices currently extend from $150,000 to
$225,000, translating to an overall average sales price of $179,000
which includes a typical 1,000 square foot unit. Through December
2008, Ridgeland Crossing had generated an average sales rate of 1.0
unit per month, noting 37 units sold. Subsequently, the collapse of the
regional housing market adversely affected (particularly) condominium
sales throughout the region. During the 2009-June 2011 marketing
period, for example, Ridgeland Crossing generated only seven additional
contracts (0.2 sales per month), with 40 of its 84 units remaining to be
sold.
‰
Area Services:
Page 2.3
Century Station: Situated immediately north of the Oak Park Avenue
property and east of the Stanley Avenue site, Century Station is a 52-unit
mixed-use residential condominium community developed over first floor
retail. Representing a hallmark of the Depot District redevelopment plan,
pre-construction marketing of
this community began in
February 2006. Plan designs
include a variety of one, two
and three bedroom styles
ranging in unit size from 900
to 1,340 square feet. Base
sales prices initially ranged
from $204,900 to $354,900,
with the typical residence
containing 1,100 square feet
of living area and carrying a
sales price of $266,000.
Through December 2007,
Century Station generated an overall sales velocity of 2.3 units monthly.
Thereafter, market pressures forced contract cancellations and
marketing efforts were eventually suspended.
At this writing,
repositioning of Century Station is being finalized, with the community
anticipated to re-emerge as a luxury rental apartment community for the
foreseeable future.
Residents of the immediate area benefit from easy access to multiple modes of
public transportation. For example, METRA’s Burlington Northern Santa Fe
commuter rail service offers scheduled transportation from its Oak Park Avenue
station situated one block from each of the potential development sites, along
with its LaVergne and Harlem avenue stations, located five blocks east and west,
respectively. Trains from these locations reach Chicago’s Union Station within
25 minutes. Similarly, the Chicago Transit Authority (CTA) provides scheduled
bus service throughout Berwyn, including its 311 Oak Park Avenue, 307 Harlem
Avenue and 302 Laramie routes which provide linkage to the CTA’s Pink Line rail
service at Laramie Avenue, the X54 Cicero Avenue bus to Chicago Midway
Airport (roughly 3.5 miles south) and surrounding employment centers, as well as
employment concentrations such as Loyola and Hines hospitals, Triton College
in River Grove, the Maybrook/Cook County Courts in Maywood, as well as
Maywood Park and Hawthorne race tracks.
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
The subject properties are also served by many regional highways, providing
easy access to neighboring shopping centers and regional employment facilities.
For example, within a 3.0 mile radius of downtown Berwyn, one may access
Interstates 55, 290, and 294, along with major arterials such as Cicero, Western,
Harlem and Ogden avenues, all providing convenient access to suburban
employment corridors in south/southwestern Cook, DuPage and Will counties.
Specific to resident seniors, Berwyn’s Senior Services department also offers
senior and disabled citizens door-to-door bus service to local grocery and
shopping, medical appointments, the community Senior Center, as well as city
and township sponsored events. The Senior Services department also provides
lawn maintenance, snow removal and a “handy man” program for seniors with
limited incomes. And, apart from MacNeal Hospital, major medical campuses
serving the overall area include Loyola Medical Center and Hines Veterans
Hospital located approximately 3.0 miles north in Maywood, as well as the John
Stroger, Rush, and University of Illinois medical campuses situated some seven
miles east in Chicago.
In addition to Berwyn’s many established local merchants and service providers,
regional shopping is also plentiful, including the North Riverside Park Mall
located approximately 2.0 miles north, and Oak Brook Center located
approximately six miles west, along with the many retail centers aligning Cermak
Road, Harlem, Cicero and Ogden avenues. Each of these centers support a
wealth of major national and regional retailers such as such as JC Penney,
Macy’s, Carson Pirie Scott & Company, and Sears, “big-box” retailers such as
Target, Wal-mart, Kmart, Home Depot, Menards and Lowe’s, as well as regional
grocery chains including Jewel, Dominick’s, Aldi and Tony’s Fresh Markets.
Future Berwyn Senior Apartments’
residents will also have access to
many social activities locally. For
example, the Berwyn Cultural/Senior
Center is located within one mile north
at Ridgeland Avenue and 16th Street.
The Senior Center sponsors book
clubs, lectures, card parties, pot luck
dinners, and other events throughout
the year. In addition, the many local churches, the Berwyn Library, veterans
groups such as the VFW Post 2378, and civic organizations including the Elks
Lodge, Berwyn Masonic Lodge and Royal Order of Moose host numerous
events, dinners, craft bazaars, and other gatherings throughout the year. Also,
Berwyn’s 16th Street Theater, a professional theatre troupe, supports several
productions throughout the year.
Also of interest to resident seniors, the PAV YMCA, located just blocks south on
Oak Park Avenue, offers its nationally acclaimed “Silver Sneakers” wellness
program, Meals On Wheels, and a variety of other activities appropriate for
mature participants, while MacNeal Hospital as well as Berwyn Township
Administration sponsor a number of wellness programs, health screenings, and
related services to assist local seniors. Again, these senior centers and other
facilities are all within one mile of the subject sites.
Page 2.4
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
The proposed development sites are
also proximate to numerous municipal
parks and recreational facilities such
as the Pavek Community Center,
Proksa Park, and Berwyn Gardens,
while the city sponsors band concerts,
ethnic festivals, and other civic events
throughout the year. Berwyn is also
within a ten-minute drive of Brookfield
Zoo in neighboring Brookfield, as well
as Maywood Park, a harness racing
and entertainment facility located in
Maywood, and Hawthorne Thoroughbred Race Track in Cicero. Finally, Berwyn
is only a 25-minute train ride from the city of Chicago and its many cultural,
educational and entertainment options.
Exhibit 2.1 forwards a geographic orientation of available services most
proximate to the subject properties.
Marketing/
Suitability:
Page 2.5
It goes without saying that, from a marketing perspective, the subject properties
offer an excellent location proximate to a multitude of services of particular
significance to the intended mature resident constituency. More importantly, the
proposed Berwyn Senior Apartments are identified as a key component of City of
Berwyn redevelopment initiatives.
TRACY CROSS & ASSOCIATES, INC.
2.1
PROXIMATE AMENITIES: BERWYN SENIOR HOUSING – DEPOT DISTRICT
BERWYN, IL
Loyola Medical Center/Hines
Veterans Hosp. (3.0 miles)
Stroger/Rush/U of Illinois
Medical Campuses (6.8 miles)
11
4
12
9
10
8
13
5
7
6
1
3
1
Berwyn Senior Apartments
5
Berwyn Public Library
2
Walgreen’s Pharmacy
6
Pavek Community Center
3
Tonini’s Italian Market
7
4
Berwyn Cultural/Senior Center
8
2
1
14
Chicago Midway Airport
(3.5 miles)
Jewel Foods
13
Elks Lodge
10
Dominick’s Finer Foods
14
Berwyn Ace Hardware
Pav YMCA
11
VFW Post 2378
MacNeal Hospital
Berwyn Township Adm. Bldg.
12
Cermak Shopping District
METRA/CTA
9
Source: Microsoft Streets & Trips and Tracy Cross & Associates, Inc.
3.
Definition of the
Market Area:
MARKET AREA CHARACTERISTICS
Given the fact that senior citizens tend to age in place, or move only a short
distance from where they currently reside, socio-economic and demographic
characteristics of the area’s mature constituency, along with factors such as
location, access to transportation and other services were examined to determine
the market area for the conceptualized Berwyn Senior Apartments. Based upon
this analysis, Tracy Cross & Associates, Inc. identified separate and distinct
quadrants which form the Berwyn Market Area. Specifically, Berwyn Senior
Apartments will derive its principle demand support from within the host city of
Berwyn, defined as the Primary Market Area (PMA).
To confirm the
appropriateness of the PMA, extensive interviews were conducted with officials
of various local agencies and other senior-oriented residential developments to
determine service areas and/or points of origin of existing residents. These
sources included fire and emergency management, local senior citizen service
organizations, and local property management personnel.
Secondary support, in turn, will emanate from the adjoining townships of Cicero,
Lyons, Riverside and Stickney in west/southwest Cook County, generally
extending west from Cicero Avenue to the Cook/DuPage county line and south
from Roosevelt Road to Interstate 55 (the Secondary Market Area or SMA). This
geographic area includes the municipalities of Brookfield, Cicero, Countryside,
Forest View, Hodgkins, Indian Head Park, La Grange, LaGrange Park, Lyons,
McCook, North Riverside, Riverside, Stickney, Summit and Western Springs.
For perspective, the Berwyn Market Area is depicted below:
GEOGRAPHIC ORIENTATION: BERWYN MARKET AREA
Primary Market Area
Secondary Market Area
Source: Microsoft Streets & Trips and Tracy Cross & Associates, Inc.
Page 3.1
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Demographic
Characteristics:
During the decade of the 1990s, the population of the Berwyn Market Area grew
by an average of 3,287 persons per year or a substantial 12.2 percent to a 2000
base of 303,273 persons. Despite strong advances in population, household
formations during the decade advanced at a modest rate of 2.1 percent to a 2000
household base of 102,807. Growth rates during this ten-year timeframe largely
reflected in-migration of young ethnic families, and particularly Hispanics,
attracted by the general area’s proximity to sources of employment and multiple
modes of transportation. In 2000, for example, Hispanics represented 23.5
percent of market area households compared to the 9.1 percent representation
level noted in 1990.
Since 2000, the market area as a whole has reversed trends, recording a net
loss of 95 households annually, to an estimated 2011 base of 101,759
households.
Several factors have contributed to this erosion, including
transitioning life cycles and, most importantly, challenging economic periods
following 9/11 and more recently during the Great Recession beginning in late2007 through the present. These factors notwithstanding, household formation
patterns over the last eleven years have continued to reflect strong in-migration
of younger Hispanic families, which today represent 34.5 percent of the market
area’s overall household base. Not surprisingly, the 2011 median age in the
overall area is estimated at a relatively young 35.3 years, while the median
household size stands at 3.04 persons per household.
Population/
Households:
Mature
Constituencies
The cohort population aged 55 and older (which constitutes the focus of this
analysis) represents an estimated 21.5 percent of the overall population, or
65,073 persons, reflecting the maturation of 431 persons yearly compared to the
60,334-person base noted in 2000. By component age category, persons aged
55 to 64 currently account for 49.4 percent of the mature population base, while
persons aged 65-74 account for 26.5 percent, and persons aged 75-84 represent
16.7 percent. Elderly constituents aged 85 and older represent the remaining 7.5
percent.
Further segmenting the mature population base, the host PMA currently
accounts for 16.5 percent of the total, or 10,750 persons.
Looking forward to 2016, the mature population base of the Berwyn Market Area
is expected to advance sharply to an estimated base of 71,176 persons. This
increase in population is based upon Census 2010 figures and statistical
forecasts developed by Claritas, Inc. as stated in its Senior Life Report.
In terms of households, the overall market area currently supports an estimated
40,132 households headed by a person aged 55 or older, translating to an
average household size of 1.62 persons per household. Mature households
aged 55 and older currently represent 39.4 percent of the overall base, modestly
higher than the 35.8 percent representation level noted in 2000.
Page 3.2
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
By age category, the number of households in the age group 55-64 currently
equals 17,552 (43.7 percent of the total), with households aged 65 to 74
accounting for 27.7 percent or 11,122 households. Another 8,761 households are
between 75 and 84 years of age (21.8 percent), while the remaining 6.7 percent
represent households aged 85 and older. As illustrated in the following table, the
PMA accounts for 17.3 percent of the overall area’s mature household base,
supporting 6,938 households.
POPULATION AND HOUSEHOLD TRENDS: PERSONS AGED 55+
BERWYN MARKET AREA
Average Annual Change
Area
2000
2011 (Est.)
2016 (Proj.)
2000-2011
2011-2016
71,176
11,506
59,670
431
-45
476
1,221
151
1,069
42,913
7,214
35,699
281
-45
327
556
55
501
Population
Berwyn Market Area
City of Berwyn PMA
Remainder of Market Area
60,334
11,247
49,087
65,073
10,750
54,323
Households
Berwyn Market Area
City of Berwyn PMA
Remainder of Market Area
37,036
7,437
29,599
40,132
6,938
33,194
2011 Senior Household Tenure (Percent of Total Cohort Households)
Owner Occupied
Renter Occupied
Area
Aged 55-64
Aged 65-74
Aged 75+
Aged 55-64
Aged 65-74
Aged 75+
Berwyn Market Area
City of Berwyn PMA
Remainder of Market Area
78.6
71.7
79.9
81.0
65.8
84.0
74.9
73.2
75.3
21.4
28.3
20.1
19.0
34.2
16.0
25.1
26.8
24.7
Source: U.S. Census Bureau: Census 2000, 2010; Claritas, Inc.: 2011 Demographic Comparison and Senior Life reports.
By 2016, it is expected that the number of resident mature households in the
Berwyn Market Area will advance to 42,913, noting the maturation of 556
resident households annually during the forecast period, and increasing its
representation level to 42.7 percent of all households. By age category,
householders at profile age categories between 55 and 74 will advance to 31.7
percent compared to the current 28.2 percent level. Although the host Berwyn
mature household base is projected to increase to 7,214 by 2016, its share of
total market area mature households will decline to the 16.8 percent mark.
Functional
Capacity:
Page 3.3
Based upon Census estimates, although 64.0 percent of mature households in
the whole of the market area represent family households, a substantial 29.7
percent represent householders living alone. In Berwyn itself, a modestly higher
33.1 percent of mature householders live alone. Also, a nominal ten percent of
all mature persons in the market area suffer from some form of disability.
Roughly one-third of this disabled population are home-bound or have self care
limitations which could preclude independent living alternatives, while more than
one-half are afflicted with some form of sensory, mental or physical limitation.
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Income:
A further review of the Berwyn Market Area’s mature household base reveals an
estimated 2011 median household income of $44,040, a significant 16.8 percent
below the estimated $52,959 median household income in Cook County as a
whole. Fully 40.9 percent (or 16,422 mature households) in the market area earn
less than $35,000 annually, with 27.9 percent or 11,218 households earning less
than $25,000 per annum. Notably, 43.3 percent of constituent householders
aged 65-74 currently earn less than $35,000 per annum, while a significant 59.9
percent of households aged 75 and older earn less than $35,000 per year.
In the PMA, mature households currently support a median income of $37,550, a
level 17.3 percent lower than mature householders elsewhere in the market area,
as nearly one half (47.5 percent or 3,297 households) in the PMA earn less than
$35,000 annually. Refer to Appendix Tables A3.2 and A3.3 for detailed
distributions of households by age category and incomes.
2011 HOUSEHOLD INCOME CHARACTERISTICS: HOUSEHOLDERS AGED 55+
BERWYN MARKET AREA
Berwyn
Market Area
City of
Berwyn
PMA
Remainder
of Market
Area
40,132
$44,040
6,938
$37,550
33,194
$45,397
Households Earning Less than $35,000
Percent
Number
40.9
16,422
47.5
3,297
39.5
13,125
Households with Incomes $35,000+
Percent
Number
59.1
23,710
52.5
3,641
60.5
20,069
Households with Incomes $50,000+
Percent
Number
44.0
17,655
37.7
2,619
45.3
15,036
Households with Incomes $75,000+
Percent
Number
27.1
10,874
18.8
1,305
28.8
9,569
Households with Incomes $100,000+
Percent
Number
17.3
6,961
10.7
743
18.7
6,218
Attribute
Total Households Aged 55+
Median Annual Income
Source: Claritas, Inc., 2011 Household Income by Age of Householder Report.
Employment:
Page 3.4
It goes without saying that the conceptualized Berwyn Senior Apartments will be
convenient to significant sources of employment, not only in the immediate
Berwyn/Cicero area, but given ease of access to multiple modes of
transportation, employment sources throughout the city of Chicago, Cook County
and, for that matter, the metro area as well. According to the Illinois Department
of Employment Security, this consolidated region currently supports an
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
employment base of 3,613,173 workers, with employment concentrated in the
manufacturing, trade, transportation and education and health services sectors,
attributed in large part to the numerous industrial campuses and business parks
developed along the I-55 and I-290/294 transportation corridors, and along major
regional arterials such as Cicero and Western avenues, including the
aforementioned Chicago Technology Park situated a mere 3.5 miles east in
Chicago. Education and health services also play a key role in the region,
currently providing some 555,937 jobs represented by major employers such as
MacNeal Hospital in Berwyn itself, along with Loyola Medical Center and Hines
Veterans Hospital in nearby Maywood, as well as the John Stroger, Rush and
University of Illinois medical campuses aligning I-290 on Chicago’s west side,
among others.
One cannot, however, overlook the current national economic crisis which has
had a profound impact upon our region as the onset of a national recession saw
employment rosters in all industry sectors deteriorate. Since 2007 and through
2010, for example, the six-county metro area has averaged a net loss of 77,250
jobs annually with the majority of these losses occurring in 2009 when 223,400
jobs were eliminated.
YEAR-OVER-YEAR CHANGE IN TOTAL EMPLOYMENT
SIX-COUNTY CHICAGO METRO AREA
100.0
75.0
50.0
25.0
0.0
-25.0
-50.0
-75.0
-100.0
-125.0
-150.0
-175.0
-200.0
-225.0
-250.0
Change (000s)
Year-Over-Year March 2009-March 2010
6-Cty Metro Chicago
Private Sector
Government
2003
2004
Down 108,638
Down 106,506
Down
5,132
2005
2006
Metropolitan Chicago
(1)
-2.9%
-3.2%
-1.1%
2007
Private Sector
2008
2009
2010 (1)
Government
Figures as of March 2010 include private sector employment covered by the Illinois Unemployment Insurance Act as
well as Federal, State and Local government.
Source: Illinois Department of Employment Security
Although the pace of job losses subsided in 2010, employment contractions
continued throughout the metro area, down 108,638 jobs year-over-year, equal
to 2.9 percent of total employment. Job contractions were concentrated among
private sector employers with 106,506 jobs lost, while government payrolls
declined by 5,132 workers.
Page 3.5
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Nonetheless, the metro area will always represent a core source of employment.
As summarized in the following table, for example, based upon employment
statistics compiled by the Illinois Department of Employment Security (IDES), the
city of Chicago alone supports some 1.3 million private sector jobs, representing
roughly one-third of total private sector employment in the metropolitan region.
Moreover, another 28.6 percent or 894,853 jobs are within a reasonable 30minute commuting time from Berwyn.
PRIVATE SECTOR EMPLOYMENT:
AREAS PROXIMATE TO BERWYN
Total Private Sector Employment
2011
Number of
Workers
Percent
of Total
Employment
Six-County Chicago Metro Area
3,133,051
100.0
City of Chicago
Central Business District
Outer Business Ring
South
West Central
Northwest (including O'Hare)
Far South
Southwest
1,011,151
170,114
309,085
93,767
63,947
120,365
46,694
65,990
32.3
5.4
9.9
3.0
2.0
3.8
1.5
2.1
Suburban Cook County
West Suburban Cook County
Southwest Suburban Cook County
South Suburban Cook County
409,943
106,948
162,054
140,941
13.1
3.4
5.2
4.5
DuPage County
484,910
15.5
Area
(1)
(1)
Represents private sector employment covered by the Illinois Unemployment
Insurance Act as of March 2010.
Source: Illinois Department of Employment Security: Where Workers Work 2011.
Additive to private sector employment, in 2010 there were some 308,612 federal,
state, county and city government jobs in Cook County alone.
General Housing
Characteristics:
Page 3.6
Based upon estimates derived from the 2010 Census, there are currently
101,759 occupied housing units in the Berwyn Market Area, representing 92.5
percent of all housing stock. Owner-occupied units account for 66.6 percent or
67,822 units, while the remaining 33.4 percent are renter-occupied.
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
In the PMA, a total of 18,039 housing units are occupied (87.1 percent of the
total), with 59.8 percent or 10,787 units identified as owner-occupied.
Focusing upon tenure characteristics of mature households, it is estimated that
46.1 percent of all owner-occupied housing units in the Berwyn Market Area
represent householders aged 55 years and older, while 26.0 percent of all renteroccupied housing units reflect a mature householder at least 55 years of age.
Notably, in the localized PMA, mature households account for a substantial 28.1
percent of all renters, estimated at 2,040 households. The PMA alone accounts
for nearly one-quarter (23.1 percent) of all mature renters in the market area.
Given the established “first-ring”
location of the overall market area, it
is not surprising that estimates
derived from the 2010 Census also
reveal that more than three-quarters
of the overall area’s housing stock
was constructed prior to 1970, with
nearly two-thirds of all housing stock
(68,845 units or 62.6 percent) built in
1959 or earlier. In fact, only 2.0
percent or 2,254 units have been built
in the whole of the market area since
2000 (again) primarily reflecting
redevelopment initiatives within the respective downtown districts of the
component municipalities. Notably, in the Berwyn PMA itself, just under one half
of all housing stock (10,299 units or 49.7 percent) was built prior to 1939.
Residential
Permit Activity:
The general housing character of the market area is further supported by
analysis of building permit data derived from the U.S. Department of Commerce’s
C40 Construction Reports. Which reveal that the Berwyn Market Area issued an
average of 218 residential building permits annually during the 2000-2010 period.
Market area authorizations spiked during the 2001-2003 period, recording a peak
399 authorizations in 2002, representing the highest level of building activity
noted in the market area in more than two decades. New construction levels
remained elevated during the ensuing 2004-2006 housing boom years as an
average of 250 units per permitted yearly. During the 2007-2009 timeframe, as
the housing market declined nation-wide, the general area followed suit, issuing
an average of 109 permits per year, down 56.4 percent from the previous threeyear period. Authorization levels spiked in 2010 at 154 units, reflecting
authorization of the Summit Senior Apartments (120 units) which are further
detailed in Section 5 of this report. It should be noted that, subsequent to permit
issuance, Summit Senior Apartments has been re-positioned to reflect a total
development size of 78 units.
Focusing specifically upon multi-family authorizations, while the Berwyn Market
Area has averaged 96 units yearly since 2000, construction activity has been
highly cyclical. For example from a high of 294 multi-family units permitted in
2002, authorizations dwindled to a mere three units by 2008. In 2009, 72 multifamily units were issued, reflecting introduction of the Countryside Senior
Apartments in Lyons and (again) in 2010, 120 units were permitted in Summit.
Page 3.7
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Again, market area multi-family permit activity reflects several midrise
condominium for sale developments such as the previously noted Ridgeland
Crossing and Century Station communities in Berwyn, as well as a modicum of
mixed-income age-qualifying rental communities, including Riverwalk (120 units)
and most recently, Countryside Senior Apartments (70 units) in Lyons and
Summit Senior Apartments, where 78 units are currently under construction.
MULTI-FAMILY PERMIT TRENDS:
BERWYN MARKET AREA
300
Percent of Suburban Region
Number
24.0
275
22.0
250
20.0
225
18.0
200
16.0
175
14.0
150
12.0
125
10.0
100
8.0
75
6.0
50
4.0
25
2.0
0.0
0
2000
2001
2002
2003
2004
2005
2006
Total
(1)
2007
2008
2009
2010
2011(1)
Percent of Suburban Region
Statistics YTD July 2011.
Source: U.S. Bureau of the Census: C-40 Construction Reports
Refer to Appendix Tables 3.1 through 3.6 for detailed statistical demographic,
employment and residential construction support.
Page 3.8
TRACY CROSS & ASSOCIATES, INC.
4.
COMPARABILITY AND DEMAND ASSESSMENT: THE FAIR MARKET SECTOR
In order to assess the competitive environment within which age-qualifying fair market rental apartments
would exist, our firm conducted an assessment of selected rental developments in areas proximate to
Berwyn and/or which share commonalities in terms of healthcare and other senior-oriented services.
Further, to provide a clear understanding of the market dynamics relative to all housing options available
to the area’s mature constituency, our analysis was expanded to also include market conditions among
independent living components within proximate service-enhanced senior communities, as these
developments comprise the balance of rental housing alternatives available to localized seniors.
Excluded from this latter housing subset, are those developments which require an endowment or equity
purchase in addition to monthly service fees.
In aggregate, our sample base encompassed 17 separate communities and a collective 873 apartments
within Berwyn, Brookfield, Countryside, Forest Park, LaGrange Park, Lyons, Melrose Park, and Oak Park
in west suburban Cook County, and the neighboring Clearing community area of Chicago, defined for
purposes of this analysis as the Berwyn Competitive Market Area (CMA). Exhibit 4.1 provides a
geographic orientation of the 17 representative developments, five of which are located within Berwyn
itself, while composite summaries of comparable fair market rental communities are provided in
Appendix Table A4.1.
Fair Market
Apartments:
Throughout the expanded Berwyn CMA, eleven rental apartment developments
were selected as a representative sampling of fair market rental alternatives. For
the most part, these developments reflect privately-managed garden-style and
vintage courtyard apartment buildings dating from 1930 to 1972. Collectively
accounting for 246 units or 28.2 percent of the competitive base, they are
typically of smaller scale, averaging 22 units in size. However, as detailed in
Exhibit 4.2, four of the eleven, including Countryside Senior in Countryside, The
Briarwood in Forest Park, Riverwalk in Lyons and Melrose Commons in Melrose
Park, represent midrise and highrise age-qualifying developments. With the
exception of The Briarwood, these age-qualifying communities reflect mixedincome developments wherein the majority of units are designated for moderate
to low income seniors. The affordable components of these communities are
further detailed in Section 5 of this report. Also, all except The Briarwood have
been built in the last nine years (2003-2010).
The four age-qualifying communities collective provide 66 rental apartments,
representing 36.7 percent of fair market alternatives in the localized area. Of
these, only three are currently unoccupied, translating to a relatively balanced
vacancy factor of 4.5 percent. For perspective, a balanced market typically
requires vacancies in the range of 5.0 to 6.0 percent to allow for filtering or
movement within the marketplace. Notably, the three vacancies are all found at
Riverwalk in neighboring Lyons, which Exhibit 4.2 also reveals carries the highest
rental rates among the four age-qualifying programs.
Berwyn itself is host to 76.3 percent of the remaining fair market units in our
competitive sampling (87 of 114 units). Overall, 11 of the 114 units are currently
available, translating to an overall vacancy factor of 9.6 percent, indicative of
weakness in the marketplace. Some of this market weakness, however, is likely
attributed to the age and scale of the representative developments, exacerbated
Page 4.1
TRACY CROSS & ASSOCIATES, INC.
4.1
FAIR MARKET AND SERVICE-ENHANCED SENIOR APARTMENTS: BERWYN CMA
M10
S6
M11
S5
M8
S4
M9
M4 M5
M2
S1
M1
M3
Potential
Berwyn Senior
Housing Sites
M6
S2
M7
Source: Microsoft Streets & Trips and Tracy Cross & Associates, Inc.
Key See Appendix A4.1 for project identification and summary statistics.
S3
COMPOSITE SUMMARY: REPRESENTATIVE FAIR MARKET RENTAL APARTMENTS
BERWYN CMA
4.2
Vacancy/Absorption
Development
Location
Year
Project
Built/
Size
Renovated
(1)
(In Units)
Average
Average
Unit Size
Monthly
Rent Per
(Sq. Ft.)
Rent
Sq. Ft.
Characteristics
Number
Percent
Age-Qualifying Apartments
Countryside Senior Apartments
(1)
The Briarwood
(1)
Riverwalk
(1)
Melrose Commons
Countryside
2010
7
590
$868
$1.47
0
0.0
Forest Park
1933
36
358
616
1.72
0
0.0
Lyons
2003
12
746
1,037
1.39
3
25.0
Melrose Park
2003
11
803
907
1.13
0
0.0
Total/Weighted Average:
66
528
$768
$1.45
3
4.5
Non Age-Qualifying Apartments
(1)
(2)
2105 2111 G
2105-2111
Grove A
Avenue
B
Berwyn
1930
36
762
$712
$0 93
$0.93
6
16 7
16.7
3225 Home Avenue
Berwyn
1959
12
600
700
1.17
0
0.0
3612 Clarence Avenue
Berwyn
1950
2
900
1,350
1.50
1
50.0
6744-6750 21st Street
Berwyn
1929
13
750
745
0.99
1
7.7
Green Garden Apartments
Berwyn
1972
24
588
683
1.16
1
4.2
528 Des Plaines Avenue
Forest Park
1970
15
582
733
1.26
1
6.7
1970 North 18th Avenue
Melrose Park
1965
12
525
650
1.24
1
8.3
Total/Weighted Average:
114
661
$716
$1.08
11
9.6
Overall Total/Weighted Average:
180
612
$735
$1.20
14
7.8
Represents mixed-income community; statistics reflect only those units designated as fair market.
Monthly rents typically include gas-fired boiler heat, common area utilities, water and sewer service; tenant is responsible for electric and all other utility
expenses.
Source: Tracy Cross & Associates, Inc.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
by continued economic weakness throughout the region and, especially, in the
manufacturing and logistics sectors of industry which are concentrated in areas
serving Berwyn.
Plan offerings among the eleven fair market developments primarily reflect one
bedroom designs, with only a modicum of studio and larger two bedroom plan
styles available. As also shown on Exhibit 4.2, the average apartment among
the eleven developments contains 612 square feet of living area and carries a
monthly rent of $735, or $1.20 per square foot. Included in this monthly rent are
gas-fired boiler heat, common area utilities, and water/sewer service, with the
tenant typically responsible for electric and all other utility expenses. The
exception is Riverwalk, where the tenant is responsible for all utilities.
As outlined in the following table, among age-qualifying fair market rentals in the
Berwyn CMA, studio apartments currently support an average monthly rent of
$573 for an average 300 square foot apartment. The average one bedroom in
this housing subset includes 549 square feet and leases for $778 monthly or
$1.42 per square foot, while the remaining two bedroom units provide an average
839 square feet which carries a lease rate of $1,052 monthly ($1.25 per square
foot).
RENTAL CHARACTERISTICS BY UNIT TYPE:
REPRESENTATIVE FAIR MARKET APARTMENTS
BERWYN CMA
Total Units
Unit Type
Number
Percent
Average
Unit Size
(Sq. Ft.)
Average
Monthly
Rent(1)
Rent
Per
Sq. Ft.
$1.91
Age-Qualifying Apartments
Studio Flat
22
33.3
300
$573
One Bedroom Flat
30
45.5
549
778
1.42
Two Bedroom Flat
14
21.2
839
1,052
1.25
Total/Averages:
66
100.0
528
$768
$1.45
Non Age-Qualifying Apartments
Studio Flat
---
---
---
---
---
One Bedroom Flat
84
73.7
619
$687
$1.11
Two Bedroom Flat
30
26.3
778
797
1.02
Total/Averages:
114
100.0
661
$716
$1.08
(1)
Monthly rents typically include gas-fired boiler heat, common area utilities, water and sewer
service; tenant is responsible for electric and all other utility expenses.
Source: Tracy Cross & Associates, Inc.
Page 4.2
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Conversely, and (again) largely reflecting the age and scale of the remaining
developments, non age-qualifying alternatives in the CMA carry significantly
lower lease rates, ranging from an average of $1.11 per square foot for a typical
one bedroom design to $1.08 per square foot for a two bedroom style, reflecting
an overall variance of 21.2 percent below their age-qualifying counterparts.
Community amenities among non age-qualifying fair market alternatives are
generally limited to on-site management and building maintenance, central
laundry facilities and off street parking, while among the four senior communities,
additional amenities typically include a community social room, fitness center,
planned activities, and scheduled transportation.
Service-Enhanced
Apartments:
In addition to fair market rentals, there are currently six service-enhanced, agequalifying
rental
programs
marketing
as
components
of
larger
congregate/continuing care retirement communities in areas proximate to
Berwyn. These include: The British Home-Wye Valley Apartments in Brookfield;
Autumn Green at Midway Village in the Clearing area of Chicago; Bethlehem
Woods-Maplewood/Oakwood Apartments in LaGrange Park; Victory Centre of
Riverwoods in Melrose Park; and Holley Court Terrace and Oak Park Arms in
Oak Park. Again, none of these six programs requires an endowment or equity
purchase as a condition of residency, instead operating on a conventional
twelve-month lease basis. Notably, Autumn Green and Midway Village and
Victory Center of Riverwoods also offer affordable (income-restricted) units which
are excluded from this competitive analysis.
For the most part, the six service-enhanced developments represent newer
construction midrise programs built between 1986 and 2005. The lone exception
is the Oak Park Arms, a former hotel built in 1922 which was converted to a
service-enhanced retirement community in the late 1980s. Collectively, the six
service-enhanced rental programs provide 693 fair market independent living
units. Of these, 43 are currently unoccupied, translating to a relatively balanced
vacancy factor of 6.2 percent.
The six service-enhanced independent living programs offer a variety of studio,
one bedroom and two bedroom plan designs which range in unit size from 3066
to 1,073 square feet, with commensurate monthly lease rates extending from
$1,465 to $4,722, exclusive of optional ala carte services or incremental fees for
wellness programs and the like where required. As summarized in the following
table, the average service-enhanced apartment home commands a single
occupancy monthly rent or service fee of $2,873 which includes a 675 square
foot apartment. This translates to a ratio of $4.26 per square foot. While the
level of services vary, they typically include on-site management, maintenance
and utilities (except telephone), 24-hour security, emergency call systems,
scheduled transportation, planned activities, community social areas, fitness
centers and at least one meal daily, along with scheduled housekeeping.
Page 4.3
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
COMPOSITE SUMMARY: SERVICE-ENHANCED SENIOR APARTMENTS
BERWYN CMA
Unit Size
Monthly
(Sq. Ft.)
Number of
Programs
6
(1)
(2)
(3)
(2)
Service Fee
(3)
Total
Units
(2)
693
(1)
Average/
Vacancy
Range
Average
Range
Average
Sq. Ft.
Characteristics
366 - 1,073
675
$1,465 - $4,722
$2,873
$4.26
6.2
Excludes developments which require an endowment or equity purchase in addition to monthly service fees as well as units
designated for assisted living and/or special needs residency.
Includes British Home-Wye Valley in Brookfield; Autumn Green at Midway Village in the Clearing area of Chicago;
Bethlehem Woods-Maplewood/Oakwood in LaGrange Park; Victory Centre of Riverwoods in Melrose Park; and Holley
Court Terrace and Oak Park Arms in Oak Park.
Service fees based upon single occupancy and generally include at least one meal daily, bi-monthly housekeeping,
scheduled transportation, emergency call systems, all utilities except telephone, and scheduled activities.
Source: Tracy Cross & Associates, Inc.
Demand AnalysisFair Market
Apartments:
Despite the aging of the general population, householders in their maturing
lifecycle move infrequently. In fact, most householders in age categories 55 to
74 are completely satisfied with their current residence, with less than 6.0
percent moving on an annual basis. Among potential profile householders aged
75 and older, movership levels drop to only 5.0 percent annually. Moreover, for
the age-qualified householders that do move, a number of options are available,
including: 1) migration out-of-state or out of the immediate area, generally cast
at 10.0 percent; 2) into an existing home or condominium; 3) into alternative
product found in the new construction sector of the market, including products
that are deed restricted on the basis of age, as well as those that have been
designed with a directed, not restricted, appeal to mature consumers; and 4) into
some form of age-restricted rental housing.
Hence, since most seniors prefer to age in place, the demand for age-qualifying
rental housing in the Berwyn Market Area should be viewed as only so large.
Consistent with established service areas for emergency and (other) supportive
care services, Berwyn Senior Apartments will derive its primary demand support
from the host City of Berwyn PMA; while secondary support for the
conceptualized development will emanate from the adjoining townships of
Cicero, Lyons, Riverside and Stickney in west/southwest suburban Cook County
(the SMA). The following paragraphs present an overall understanding of the
depth of demand for fair market age-qualifying rental housing in the Berwyn
Market Area, defined in terms of independent living forms (i.e. exclusive of
assisted living and special needs residency).
Page 4.4
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Affordability AnalysisFair Market
Apartments:
In order to refine the base of mature households in the Berwyn Market Area who
would qualify for fair market rental alternatives, minimum monthly incomes were
determined utilizing housing cost allocations of 30.0 to 45.0 percent, as this
range reflects the fact that senior households would be willing to pay up to 45
percent of their gross monthly income to reside in the Berwyn Senior Apartments
community. In other words, the 30.0 percent factor reflects a typical rent
allocation, while the 45.0 percent level is viewed as a reasonable threshold to
allow for ancillary expenses such as food, clothing, insurance, etc.
Applying mobility, tenure and lifestyle factors to the base of households aged 55
years and older and earning at least $35,000 per annum reveals that the entire
market area is capable of absorbing 106 new age-restricted rental apartment
units yearly during the 2011-2016 forecast period. Berwyn itself represents
roughly 16.0 percent of this demand potential, or 17 units per year (Exhibits 4.3
and 4.4).
Housing Need:
The demand for fair market age-qualifying rental housing in the Berwyn Market
Area is more than sufficient to support the construction of the prototype 40-unit
residential building. Specifically, apart from Berwyn Senior Apartments, there are
only 78 additional rental units in planning in the whole of the market area, namely
Summit Senior Apartments which (again) represents replacement construction of
a former Cook County Housing Authority project. In fact, over the last decade,
only 41 new fair market rental units have been added to the marketplace (a mere
four units annually). At the same time, a significant percentage of the area’s
housing inventory, and particularly rental inventory, are at or approaching
obsolescence. Hence, the Berwyn Market Area will require a net replacement of
85 units annually (or a conservative 0.25 percent of total inventory) simply to
maintain the current overall vacancy factor of 7.8 percent. Moreover, once the
economy improves, it is expected that vacancies in the localized are will begin to
fall, likely translating into supply pressures. The planned development therefore
is necessary to mitigate the expected impact of a diminished supply of adequate
and acceptable rental housing in the Berwyn Market Area and avoid the ultimate
displacement of constituent renter households.
Moreover, the 41 new fair market units are distributed between five fair market
and service-enhanced rental developments in the market area, three of which are
principally income-qualifying affordable communities which (collectively) provide
a mere 30 fair market units or only 3.4 percent of the overall fair market rental
base. The remaining 11 new units are within service-enhanced rental alternatives
which carry significantly higher lease rates averaging in excess of $2,500
monthly, thus disenfranchising a significant component of resident mature
households in terms of affordability, with these factors lending further support to
the conceptualized development.
Again, the age, scale and condition of the vast majority of competing
conventional rental developments clearly support demand for quality new
housing product directed to maturing households in the Berwyn Market Area as a
whole, and in the PMA in particular. To this point, the recommended housing
product is consistent with newer construction, age-qualifying alternatives
Page 4.5
TRACY CROSS & ASSOCIATES, INC.
DERIVATION OF FAIR MARKET AGE-QUALIFYING RENTAL HOUSING DEMAND
BERWYN MARKET AREA: 2011-2016
4.3
2011
2016
Householders Aged ….
Attribute
Householders Aged ….
55-64
65-74
75+
55-64
65-74
75+
17,552
11,122
11,458
19,067
12,750
11,096
12,809
6,299
4,602
14,030
7,362
4,631
< 100 >
< 183 >
< 100 >
< 183 >
12,759
6,199
4,419
13,980
7,262
4,448
766
---
372
---
--221
839
---
436
---
--222
Annual Propensity to Remain in Area
@ 90 Percent
689
335
199
755
392
200
Annual Propensity to Move to
New Construction Alternative
@ 50 Percent
344
167
100
377
196
100
Annual Propensity to Move to
New Construction in an Age-Qualified Community
@ 50 Percent
172
83
50
188
98
50
43
-----
--33
---
----25
47
-----
--39
---
----25
Total Cohort Households
With Annual Incomes of $35,000 or More
Households Presently Residing in Age-Qualifying
Rental/CIL Housing(1)
Total Age and Income Qualified Households
Annual Propensity to Move
@ 6 Percent
@ 5 Percent
Annual Propensity to Move to
New Construction Age-Qualified Rental Alternative
@ 25 Percent
@ 40 Percent
@ 50 Percent
Average Annual Demand for Age-Qualifying Rental
Development During 2011-2016 Period
(1)
< 50 >
< 50 >
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 106 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Represents occupied units among selected fair market age-qualifying rental apartments and congregate independent living developments within the defined
Berwyn Market Area; excludes residents of assisted living/special needs facilities. Distribution of occupied units by cohort age category estimated for analytical
purposes.
Source: Tracy Cross & Associates, Inc.
DERIVATION OF FAIR MARKET AGE-QUALIFYING RENTAL HOUSING DEMAND
CITY OF BERWYN PMA: 2011-2016
4.4
2011
2016
Householders Aged ….
Attribute
Householders Aged ….
55-64
65-74
75+
55-64
65-74
75+
2,800
1,829
2,309
3,049
2,083
2,082
1,881
910
850
2,054
1,037
775
---
---
---
---
---
---
1,881
910
850
2,054
1,037
775
113
---
55
---
--42
123
---
62
---
--39
102
50
38
111
56
35
Annual Propensity to Move to
New Construction Alternative
@ 50 Percent
51
25
19
56
28
17
Annual Propensity to Move to
New Construction in an Age-Qualified Community
@ 50 Percent
25
12
10
28
14
9
6
-----
--5
---
----5
7
-----
--6
---
----5
Total Cohort Households
With Annual Incomes of $35,000 or More
Households Presently Residing in Age-Qualifying
Rental/CIL Housing(1)
Total Age and Income Qualified Households
Annual Propensity to Move
@ 6 Percent
@ 5 Percent
Annual Propensity to Remain in Area
@ 90 Percent
Annual Propensity to Move to
New Construction Age-Qualified Rental Alternative
@ 25 Percent
@ 40 Percent
@ 50 Percent
Average Annual Demand for Age-Qualifying Rental
Development During 2011-2016 Period
(1)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 17 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Represents occupied units among selected fair market age-qualifying rental apartments and congregate independent living developments within the City of
Berwyn PMA; excludes residents of assisted living/special needs facilities. Distribution of occupied units by cohort age category estimated for analytical
purposes.
Source: Tracy Cross & Associates, Inc.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
throughout the suburban marketplace, while the benchmark rental strategy fully
aligns the qualitative components of senior housing demand. Hence, at an
average benchmark rent of $991 monthly, Berwyn Senior Apartments will
achieve full lease-up of a 40-unit fair market development within nine months of
first occupancy, translating to an overall absorption rate of 4.5 units per month.
This absorption rate assumes extensive pre-marketing and lead list generation
and unit reservation efforts commence in tandem with the public review process,
site improvement and construction cycle.
Most importantly, the conceptualized Berwyn Senior Apartments are identified as
a key component of the City of Berwyn Depot District Redevelopment Plan.
Page 4.6
TRACY CROSS & ASSOCIATES, INC.
5.
COMPARABILITY AND DEMAND ANALYSIS: THE AFFORDABLE SECTOR
In order to assess the competitive environment within which affordable senior rental apartments would
exist, our firm conducted an assessment of selected age- and income-qualifying rental apartment
developments of scale in areas proximate to the development sites and/or which share commonalities in
terms of healthcare and other senior-oriented services, focusing primarily upon age-oriented, incomerestricted housing development. Given the overall lack of multi-family rental development in (especially)
the PMA, the market area was expanded to include select affordable developments within the
neighboring community areas of Chicago Lawn, Gage Park, Garfield Ridge, and New City in the city of
Chicago, along with the near west suburban villages of Bellwood, Elmwood Park, Maywood, Melrose
Park and Oak Park, as developments here will service as a source of competitive substitution. Excluded
from our competitive sampling of affordable developments are those which solely service special needs
residents as well as public housing facilities directed to very low income households.
Further, in order to provide a clear understanding of the market dynamics relative to all housing options
available to the area’s elderly constituency, our analysis was expanded to also include market conditions
present among other income-restricted rental programs which would serve as an affordable alternative to
Berwyn Senior Apartments. In aggregate, our sample base encompassed 20 separate developments
consisting of 1,984 income-qualifying affordable rental units. Exhibit 5.1 provides a geographic
orientation of the 20 representative developments. Notably, none are found within the host Berwyn PMA.
Pertinent characteristics of these affordable developments are highlighted in the following paragraphs,
while composite summaries and comparative assessments of all analyzed programs are provided in
Appendix Tables A5.1 and A5.2.
Age-Qualifying
Affordable
Apartments:
Throughout the expanded Berwyn Competitive Market Area (CMA), 17 agequalifying low income housing facilities were identified. The majority of agequalifying low income rental programs represent structures building in the mid1970s to late 1990s, while only six programs (Senior Suites of Marquette Village,
Senior Suites of Garfield Ridge, Senior Suites of New City, Riverwalk, Melrose
Commons and Countryside Senior Apartments) have been constructed in the last
eight years. Also, as noted in Section 4 of this report, Riverwalk, Melrose
Commons and Countryside represent mixed-income communities providing both
fair market and affordable rentals. Countryside is the newest in the marketplace,
introduced in September 2010. This community was fully leased within a threemonth residency qualification period, equating to an overall absorption rate of
21.0 units per month. The six newest developments provide a collective 544
units or only 35.2 percent of all age-qualifying affordable housing in the whole of
the CMA.
The 17 age- and income-restricted developments collectively offer a total of
1,556 units. At present, only 14 units are unoccupied, translating to an extremely
tight overall vacancy factor of 0.9 percent. In fact, 13 of 17 developments are
fully occupied and maintain extensive waiting lists of pre-qualified applicants.
Again, market equilibrium requires vacancies in the range of 5.0 to 6.0 percent to
allow for filtering.
The majority of age-qualifying affordable developments represent highrise or
midrise housing forms comparable to that conceptualized for Berwyn Senior
Page 5.1
TRACY CROSS & ASSOCIATES, INC.
COMPOSITE SUMMARY: AGE- AND INCOME-RESTRICTED RENTAL APARTMENTS
BERWYN CMA
5.1
Average
Development
Location
Prairie View I/II
Bellwood
Churchview Manor
Vacancy/Absorption
Year
Project
Average
Monthly
Gross
Monthly
Average
Built/
Size
Unit Size
Gross
Rent Per
Utility
Monthly
(Sq. Ft.)
Rent
Sq. Ft.
Allowance
Net Rent
Renovated
(In Units)
(1)
Characteristics
Number
Percent
1993-1995
84
676
$620
$0.92
$95
$525
0
0.0
Chicago-Chicago Lawn
1992
60
558
598
1.07
---
598
6
10.0
Lawn Terrace
Chicago-Chicago Lawn
1996
102
559
606
1.08
---
606
6
5.9
Senior Suites at Marquette Village
Chicago-Chicago Lawn
2008
93
589
852
1.45
---
852
1
1.1
Senior Suites of Gage Park
Chicago-Gage Park
1995
86
567
864
1.52
---
864
1
1.2
Senior Suites of Garfield Ridge
Chicago-Garfield Ridge
2005
86
567
864
1.52
---
864
0
0.0
Senior Suites of New City
Chicago-New City
2003
110
575
873
1.52
---
873
0
0.0
Cicero
1997
71
570
666
1.17
70
596
0
0.0
Countryside
2010
63
590
829
1.41
79
750
0
0.0
Elmbrook Senior Apartments
Elmwood Park
1999
71
566
1,318
2.33
32
1,286
0
0.0
Lyons Grove Senior Apartments
Lyons
1996
50
700
630
0.90
95
535
0
0.0
Riverwalk(1)
Lyons
2003
108
746
935
1.25
---
935
0
0.0
Garden House of Maywood
Maywood
1978
144
567
945
1.67
35
910
0
0.0
Maywood Phoenix
Maywood
1987
72
550
1,357
2.47
56
1,301
0
0.0
Melrose Commons(1)
Melrose Park
2003
84
738
812
1.10
38
774
0
0.0
Mills Park
Oak Park
1975
198
650
1,035
1.59
87
948
0
0.0
The Oaks
Oak Park
1980
74
631
1,005
1.59
85
920
0
0.0
1,556
617
$887
$1.44
$67
$848
14
0.9
Drexel Horizon
Countryside Senior Apartments
(1)
Total/Weighted Average:
(1)
Average
Includes only those units that are designated as affordable.
Source: Tracy Cross & Associates, Inc.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Apartments, while two (Prairie View and Lyons Grove) feature a single-story villa
housing idiom.
Plan offerings among the 17 age-qualifying affordable
developments primarily reflect one bedroom designs, with only a modicum of
studio or two bedroom plan styles available. As detailed in Exhibit 5.2, the
average unit contains 617 square feet of living area and requires a gross monthly
rent of $887, or $1.44 per square foot. Ten of the 17 provide a utility allowance
which is deducted from the gross monthly rent. At present, this utility allowance
averages $67 monthly, translating to an overall net monthly lease rate of $848 or
$1.37 per square foot.
By bedroom type, studio/efficiency apartments currently support an average
monthly gross rent of $899 for an average 474 square foot apartment unit. The
average one bedroom apartment includes 608 square feet and leases for $882
monthly, while the remaining two bedroom units provide an average 816 square
foot apartment which carries an average lease rate of $936 monthly ($1.15 per
square foot).
RENTAL CHARACTERISTICS BY UNIT TYPE:
AGE- AND INCOME-RESTRICTED RENTAL APARTMENTS
BERWYN CMA
Total Units
Unit Type
Studio Flat
Number
Percent
Average
Unit Size
(Sq. Ft.)
Monthly
Gross
Rent
Rent
Per
Sq. Ft.
78
5.0
474
$899
$1.90
One Bedroom Flat
1,359
87.3
608
882
1.45
Two Bedroom Flat
119
7.6
816
936
1.15
Total/Averages:
1,556
100.0
617
$887
$1.44
Source: Tracy Cross & Associates, Inc.
Community amenities typically include on-site management and building
maintenance, a community room for socializing, and laundry facilities on each
residential floor, while some feature additional enhancements such as
emergency call systems, scheduled transportation, a library, fitness facilities and
planned activities.
The Senior Suites programs also include monthly
housekeeping and offer optional meal plans. Also, most include off-street
parking for residents.
At present, there is only one other age-qualifying affordable development
currently in planning in the Berwyn CMA, namely Summit Senior Apartments in
Summit. Located at 7400 W. 63rd Place, Summit Senior Apartments is a joint
venture development of the Cook County Housing Authority and Turnstone
Development and represents replacement of the Authority’s Robert Allison
Homes which were demolished in 2009. Currently under construction, the
community will include 60 apartments in a midrise residential building along with
18 villa-style townhomes designated for residents aged 62 and older with
incomes of between 30.0 and 80.0 percent of area median. Summit Senior
Apartments is anticipated to open in early 2012.
Page 5.2
TRACY CROSS & ASSOCIATES, INC.
5.2
AFFORDABLE (INCOME-QUALIFYING) APARTMENTS: BERWYN CMA
A19
A20
A18
A15
A16
A17
A14
A13
A12
Potential
Berwyn Senior
Housing Sites
A3
A1
A2
A5
A4
A6
A8
A11
A7
A9
A10
Source: Microsoft Streets & Trips and Tracy Cross & Associates, Inc.
Key See Appendices A5.1 and A5.2 for project identification and summary assessment.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Family-Oriented
Low Income
Apartments:
Apart from age-restricted communities, there are also three income-restricted
rental communities in the Berwyn CMA which do not impose strict age limitations
upon residents. These include Oaks of Willow Hill in Justice; Goodell Place in
Maywood; and Heritage House in Melrose Park. Only Goodell Place has been
constructed in the last ten years, with the remaining two programs now some 40
years old.
Combined, the three non age-restricted low income rental developments offer a
total of 428 units. In aggregate, only 10 are currently unoccupied, translating to a
tight overall vacancy rate of 2.3 percent. Notably, all of these vacancies are
found at Oaks of Willow Hills, which was built in 1971.
Oaks of Willow Hill and Heritage House reflect larger-scale garden-style
developments of 100 units or more. Conversely, Goodell Place is a 22-unit
midrise residential community. In this housing subset, as well, plan offerings
primarily represent one and two bedroom apartment designs, with a moderate
number of studios and three bedroom units also available. All three low income
family developments provide building maintenance and on-site laundry facilities,
and all include off street parking. Only Oaks of Willow Hill features additional
amenities such as an outdoor swimming pool, club room and tot lot.
As summarized in the following table, among these non age-restricted low
income rental developments, the average unit contains731 square feet of living
area and requires a gross monthly rent of $792, equal to $1.08 per square foot.
COMPOSITE SUMMARY: REPRESENTATIVE FAMILY INCOME-RESTRICTED APARTMENTS
BERWYN CMA
Development
Location
Year
Project
Average
Average
Avg. Mo.
Average
Built/
Size
Unit Size
Monthly
Rent Per
Utility
Monthly
Vacancy/Absorption
(Renovated)
(In Units)
(Sq. Ft.)
Gross Rent
Sq. Ft.
Allowance
Net Rent
Number
Characteristics
Percent
Oaks of Willow Hill
Justice
1971
263
828
$903
$1.09
$38
$865
10
3.8
Goodell Place
Maywood
2001
22
681
712
1.05
97
615
0
0.0
Heritage House
Melrose Park
1972
143
559
599
1.07
86
513
0
0.0
428
731
$792
$1.08
$57
$735
10
2.3
Total/Weighted Average:
Source: Tracy Cross & Associates, Inc.
Demand AnalysisAffordable
Apartments:
Page 5.3
In calculating the demand for income-restricted rental units, Tracy Cross &
Associates, Inc. conducted a detailed analysis of household income distributions
to determine the overall number of senior households in both the PMA and SMA
who would “qualify” for the residency within Berwyn Senior Apartments given
median income and per person limits established by HUD and used as a due
diligence guideline by IHDA and other public housing authorities. Consistent with
established service areas for emergency and (other) supportive care services,
Berwyn Senior Apartments will derive its primary demand support from the host
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
City of Berwyn PMA, while secondary support for the proposed development will
emanate from the adjoining townships of Cicero, Lyons, Riverside and Stickney
in west/southwest suburban Cook County (the SMA).
Overall
Demand Base:
Based upon the 40-unit prototype development, and assuming for analytical
purposes, at least 16 units (40.0 percent) are designated for mature
householders earning not more than 60.0 percent of area median income, the
following table establishes the overall number of mature households in both the
PMA and SMA who would qualify for an income-restricted program given 2011
median income and per person limits as defined by IHDA:
2011 POTENTIAL INCOME-QUALIFYING SENIOR HOUSEHOLDS: HOUSEHOLDERS AGED 55+
BERWYN MARKET AREA
Area
Berwyn Market Area
City of Berwyn PMA
Remainder of Market Area
Total
Number of
Area Households
Aged 55+
Number of
Households
at 30.0 Percent
of Median Income
Number of
Households
at 40.0 Percent
of Median Income
Number of
Households
at 50.0 Percent
of Median Income
Number of
Households
at 60.0 Percent
of Median Income
40,132
6,938
33,194
7,245
1,334
5,911
10,650
2,002
8,648
13,820
2,705
11,115
16,826
3,365
13,461
Notes: 1) Income limits based upon IHDA's published maximum limits for the host Cook County, Illinois.
2) According to IHDA's tax credit guidelines, the maximum annual income (2.0 person) limit for low-income qualifiers at 30.0 percent of
median is $17,970; at 40.0 percent of median is $23,960; at 50.0 percent of median is $29,950 and at 60.0 percent of median is $35,940.
3) Because incomes derived from the Census are only offered in $5,000 - $15,000 increments, estimates have been provided accordingly.
4) A Two-Person Household is used as the basis for the bedroom versus family size adjustment as it is assumed that a number of qualifying
senior households will likely represent married couples as well as single and/or widowed seniors.
Source: U.S. Department of Commerce, Census 2000 and 2010 ; Claritas, Inc., Senior Life Report; IHDA's Maximum Annual Income Limits
dated 5/31/2011 and Tracy Cross & Associates, Inc.
Within the defined boundaries of the Berwyn Market Area, and including the
prototype 40-unit development as well as the 78-unit Summit Senior Apartments
currently under construction, there are 665 low income rental units available to
serve the 16,826 moderate to low income area mature households, translating to
an overall penetration of 3.9 percent. This overall capture rate represents only a
fraction of IHDA’s generally accepted ratio of 25.0 percent. Moreover, a
substantial number of existing low income units are now some 25 to 40 years old,
and are at or approaching obsolescence. Further, as previously noted, the
localized Berwyn PMA is void of designated affordable rental alternatives.
Affordability
Analysis:
Page 5.4
The previous table depicts the entire pool of income qualifying senior households
in the Berwyn Market Area. In order to refine this demand base in terms of
affordability limits, Tracy Cross & Associates, Inc. conducted an analysis to
determine minimum income requirements based upon a standard rent allocation
as a percent of gross monthly income. Minimum gross monthly incomes were
determined utilizing rent allocations of 30.0 percent and 45.0 percent as (again)
this range reflects the fact that an elderly household would be willing to pay up to
45.0 percent of their gross monthly income to reside in the conceptualized
facility, allowing for remaining living expenses such as food, clothing, auto
expenses, etc.
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Based upon 2011 maximum gross monthly rents and maximum unit type
household compositions as determined by IHDA, and applying the defined
housing allocations of 30.0 percent and 45.0 percent of gross monthly income
reveals that mature households within the 30.0 Percent AMI classification would
require incomes of between $11,227 and $17,970 for a one bedroom unit, while
at 60.0 Percent AMI, incomes of between $22,453 and $35,940 would meet
residency affordability requirements. Refer to Exhibit 5.3 for a delineation of
affordability limits at each designated income level.
Given these refined income-qualifying statistics, the following text table provides
a more accurate estimate of the number of potential mature renters in the
Berwyn Market Area:
2011 REFINED INCOME-QUALIFYING SENIOR HOUSEHOLDS: HOUSEHOLDERS AGED 55+
BERWYN MARKET AREA
Area
Berwyn Market Area
City of Berwyn PMA
Remainder of Market Area
Total
Number of
Area Households
Aged 55+
Number of
Households
at 30.0 Percent
of Median Income
and within the
Affordability Limits
Number of
Households
at 40.0 Percent
of Median Income
and within the
Affordability Limits
Number of
Households
at 50.0 Percent
of Median Income
and within the
Affordability Limits
Number of
Households
at 60.0 Percent
of Median Income
and within the
Affordability Limits
40,132
3,365
5,477
6,858
7,878
6,938
634
1,602
1,427
1,697
33,194
2,731
3,875
5,431
6,181
Source: U.S. Department of Commerce, Census 2000 and 2010 ; Claritas, Inc., Senior Life Report; IHDA's Maximum Annual Income Limits
dated 5/31/11, and Tracy Cross & Associates, Inc.
Penetration Rate:
Page 5.5
Based upon these calculations, the Berwyn Market Area carries more than
adequate demand support for low income elderly units. For example, as outlined
in the following table, across all income classifications, the prototype
development need penetrate less than 1.0 percent of households aged 55+ in the
whole of the market area, and not more than 4.0 percent of households in the
more localized PMA to achieve full lease-up of either a 16 or 24-unit affordable
program. Again, this penetration rate is well below the overall 5.0 to 7.0 percent
rate typically considered acceptable by IHDA.
TRACY CROSS & ASSOCIATES, INC.
5.3
2011 INCOME-QUALIFYING METHODOLOGY: BERWYN SENIOR APARTMENTS
30.0 Percent
of Median
Income
40.0 Percent
of Median
Income
50.0 Percent
of Median
Income
60.0 Percent
of Median
Income
Studio
Maximum Income Limit for a One-Person Household
$15,720
$20,960
$26,200
$31,440
IHDA Gross Monthly Rent (including utility allowance)
$393
$524
$655
$786
$4,716
$6,288
$7,860
$9,432
$15,720
10,480
$20,960
13,973
$26,200
17,467
$31,440
20,960
One Bedroom
Maximum Income Limit for a Two-Person Household
$17,970
$23,960
$29,950
$35,940
IHDA Gross Monthly Rent (including utility allowance)
$421
$561
$701
$842
$5,052
$6,732
$8,412
$10,104
$16,840
11,227
$22,440
14,960
$28,040
18,693
$33,680
22,453
Two Bedroom
Maximum Income Limit for a Two-Person Household
$17,970
$23,960
$29,950
$35,940
IHDA Gross Monthly Rent (including utility allowance)
$505
$674
$842
$1,011
$6,060
$8,088
$10,104
$12,132
$20,200
13,467
$26,960
17,973
$33,680
22,453
$40,440
26,960
Unit Type
Gross Annual Rent
Minimum Required Income
@ 30.0 Percent Affordability Threshold
@ 45.0 Percent Affordability Threshold
Gross Annual Rent
Minimum Required Income
@ 30.0 Percent Affordability Threshold
@ 45.0 Percent Affordability Threshold
Gross Annual Rent
Minimum Required Income
@ 30.0 Percent Affordability Threshold
@ 45.0 Percent Affordability Threshold
Source: IHDA's Maximum Annual Income Limits dated 5/31/11; and Tracy Cross & Associates, Inc.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
PENETRATION REQUIREMENTS: BERWYN SENIOR APARTMENTS
30.0 Percent of Median
Attribute
Total
PMA
40.0 Percent of Median
Total
SMA
PMA
SMA
50.0 Percent of Median
SMA
PMA
Total
60.0 Percent of Median
Total
PMA
SMA
AFFORDABLE UNITS: 16
Prototype Development (1)
Aggregate Demand Base
(Aged 55+)
Penetration Rate Required
16
16
16
16
16
16
16
16
16
16
16
16
3,365
634
2,731
5,477
1,602
3,875
6,858
1,427
5,431
7,878
1,697
6,181
0.5
2.5
0.6
0.3
1.0
0.4
0.2
1.1
0.3
0.2
0.9
0.3
AFFORDABLE UNITS: 24
Prototype Development (1)
Aggregate Demand Base
(Aged 55+)
Penetration Rate Required
(1)
24
24
24
24
24
24
24
24
24
24
24
24
3,365
634
2,731
5,477
1,602
3,875
6,858
1,427
5,431
7,878
1,697
6,181
0.7
3.8
0.9
0.4
1.5
0.6
0.3
1.7
0.4
0.3
1.4
0.4
Unit count based upon a prototype 40-unit residential building and assumes affordable units designated for seniors earning not more than
60.0 Percent AMI; distributions utilized for analytical purposes only.
Source: Tracy Cross & Associates, Inc.
Furthermore, in terms of affordability, rents for the prototype affordable program
are generally at or below the typical “30.0 percent of gross income” allocation
and considerably below the accepted senior household threshold of “45.0
percent of gross income”:
AFFORDABILITY OF BENCHMARK RENTS: BERWYN SENIOR APARTMENTS
One Person Household
Two Person Household
30.0 AMI
40.0 AMI
50.0 AMI
60.0 AMI
30.0 AMI
40.0 AMI
50.0 AMI
60.0 AMI
Studio
Maximum Income Limit
Annual Maximum Gross Rent
Rent as a Percent of Income
$15,720
4,716
30.0
$20,960
6,288
30.0
$26,200
7,860
30.0
$31,440
9,432
30.0
-------
-------
-------
-------
One-Bedroom
Maximum Income Limit
Annual Maximum Gross Rent
Rent as a Percent of Income
$15,720
5,052
32.1
$20,960
6,732
32.1
$26,200
8,412
32.1
$31,440
10,104
32.1
$17,970
5,052
28.1
$23,960
6,732
28.1
$29,950
8,412
28.1
$35,940
10,104
28.1
Two-Bedroom
Maximum Income Limit
Annual Maximum Gross Rent
Rent as a Percent of Income
$15,720
5,052
32.1
$20,960
6,732
32.1
$26,200
8,412
32.1
$31,440
10,104
32.1
$17,970
5,052
28.1
$23,960
6,732
28.1
$29,950
8,412
28.1
$35,940
10,104
28.1
Unit Type
Source: IHDA Schedule of Maximum Annual Income Limits dated 5/31/2011 and Tracy Cross & Associates, Inc.
Page 5.6
TRACY CROSS & ASSOCIATES, INC.
Market Support Analysis
Berwyn Senior Apartments
Berwyn Development Corporation
Berwyn, Illinois
Absorption Rate:
In order to assess the likely absorption potential of the proposed project, our firm
focused upon absorption levels achieved by the newer age- and/or incomequalifying developments in comparable urban areas of the region. As previously
noted, for example, Countryside Senior Apartments achieved full lease-up of its
63 affordable units in December 2010, equal to an overall absorption rate of 21.0
units per month. Similarly, in the Dunning neighborhood of Chicago, the 32-unit
Senior Suites of Autumn Green absorbed at an overall rate of 16.0 units monthly,
also achieving stabilized occupancy in December 2010; while Wrightwood Senior
Apartments in Ashburn, TRC Senior Village in Washington Park, Wilson Yard
Senior Apartments in Uptown, and Casa Maravilla in the Lower West Side, also
achieved stabilized occupancies in 2010, generating absorption rates of 12.0,
11.6, 8.2 and 7.4, respectively.
Full lease-up of affordable units within Berwyn Senior Apartments is expected to
occur at a pace comparable to absorption rates achieved by these newer
programs (at an average of roughly 12.7 units monthly), or at the very least a rate
consistent with the development’s expected construction cycle. This conclusion
can be supported by the fact that the community would represent one of only two
new age- and/or income-qualifying programs constructed in whole of the market
area in the last six years. Additional rationale is also found in the market’s
extremely tight conditions, particularly among age-qualifying low income
programs which (again) are virtually fully occupied and maintain extensive
waiting lists for residency, as well as the fact that the units to be offered
represent a superior product in terms of size and livability compared to virtually
all other rental inventory in the market area.
Housing Need:
The demand for age- and income-restricted rental housing in the Berwyn Market
Area is more than sufficient to support the construction of age-oriented low
income units based upon the fact that in the whole of the market area, there are
currently 7,878 households who could qualify for the designated low income
units. Furthermore, 13 of the 17 of the existing age- and income-qualifying
programs are at full occupancy, with no fewer than 300 pre-qualified applicants
on waiting lists.
Moreover, the remaining three low income programs (non age-restricted) in the
overall area also reflect low vacancy levels averaging only 2.3, while vacancies
among fair market senior rental developments currently stand at 4.5 percent,
indicative of pressure in the marketplace.
Finally, the age and condition of not only the vast majority of competing low
income programs, but conventional rental developments as well, clearly supports
a demand for quality new housing product directed to maturing households in the
Berwyn Market Area as a whole, and in the PMA in particular.
Page 5.7
TRACY CROSS & ASSOCIATES, INC.
6.
Fair Market
Apartments:
IMPACT STATEMENT
As outlined throughout this report, there has been only a limited supply of new
construction senior-oriented rental housing in the greater Berwyn area while. In
fact, there have been only 41 new fair market units constructed in the defined
Berwyn Market Area in the last ten years, representing select units within ageand income-restricted developments or larger service-enhanced communities.
Moreover, the vast majority of existing apartments, now some 25 to 40 years old,
are approaching obsolescence. Hence, the introduction of the 40-unit prototype
community will fill a void in the marketplace by providing an overall living
environment conducive to a mature resident population offering a superior
housing product in terms of livability and functionality, including appropriate outlet
placements, enlarged doorways, and specially designed baths convenient to
older adults which will enable residents to maintain independence.
Moreover, affordability requirements among the few service-enhanced
developments proximate to Berwyn disenfranchise a large percentage of the
area’s mature constituency, thus negating any level of influence upon these
programs.
The Affordable
Rental Sector:
Among income-qualifying alternatives, as well, there has been limited new
construction of throughout the Berwyn Market Area, with the average
development now more than 30 years old. Nonetheless, vacancies among these
low income programs are extremely low, at only 0.9 percent or 14 units available,
and all communities reporting extensive waiting lists of pre-qualified applicants
for residency. Moreover, apart from Berwyn Senior Apartments, the only other
senior affordable development proposed in the whole of the market area is the
78-unit Summit Senior Apartments in southwest suburban Summit. This
community, however, represents replacement of the former Robert Allison
Homes, a Cook County Housing Authority community and it is expected that this
community will be fully leased upon opening, anticipated in early 2012.
Hence, as an affordable or mixed-income community, Berwyn Senior Apartments
will not negatively impact upon other existing programs in the market area,
whether fair market or sponsored by IHDA, HUD or other public entities. In fact,
these units will serve to alleviate the significant level of demand that exists, as
evidenced by the overall lack of vacant units and associated lengthy waiting lists
maintained by comparable programs.
Finally, the prototype housing product and community aesthetics are viewed as
complimentary to the goals of promoting new residential development within the
Depot District of downtown Berwyn as defined in its Redevelopment Plan.
Page 6.1
TRACY CROSS & ASSOCIATES, INC.
Trends in Population and Households: Persons Aged 55+
Berwyn Market Area
2000 - 2016
A3.1
Average Annual Change
2000
2011 (Est.)
2016 (Proj.)
2000-2011
2011-2016
Cohort Age Category ….
Cohort Age Category ….
Cohort Age Category ….
Cohort Age Category ….
Cohort Age Category ….
55-64
65-74
75+
55-64
65-74
75+
55-64
65-74
75+
23,562
3,966
19,596
17,856
3,259
14,597
18,916
4,022
14,894
32,119
5,426
26,693
17,219
2,784
14,435
15,735
2,540
13,195
35,374
5,985
29,389
20,484
3,295
17,189
13,605
2,382
11,223
11,134
2,104
9,030
12,297
2,951
9,346
17,552
2,800
14,752
11,122
1,829
9,293
11,458
2,309
9,149
19,067
3,049
16,018
12,750
2,083
10,667
55-64
65-74
75+
55-64
15,318
2,226
13,092
778
133
645
-58
-43
-15
-289
-135
-154
651
112
539
653
102
551
-83
-63
-21
11,096
2,082
9,014
359
38
321
-12
-25
24
-76
-58
-18
303
50
253
326
51
275
-72
-45
-27
65-74
75+
POPULATION
Berwyn Market Area(1)
City of Berwyn PMA
Remainder of Market Area
HOUSEHOLDS
Berwyn Market Area(1)
City of Berwyn PMA
Remainder of Market Area
(1)
Includes Berwyn, Cicero, Lyons, Riverside and Stickney townships in Cook County, IL.
Source: U.S. Department of Commerce-Bureau of the Census, Census 2000 and 2010 ; Claritas, Inc. Senior Life Report ; and Tracy Cross & Associates, Inc.
A3.2
HOUSEHOLD INCOMES: HOUSEHOLDS AGED 55 AND OLDER
BERWYN MARKET AREA
Household
Income
Householders Aged … Householders Aged … Householders Aged…
65 to 74 Years
75+ Years
55 to 64 Years
Total
Number
Percent
Number
Percent
Number
Percent
Number
Percent
2011 (Est.)
Under $15,000
5,543
13.8
1,618
9.2
1,627
14.6
2,298
20.1
15,000-24,999
5,675
14.1
1,367
7.8
1,727
15.5
2,581
22.5
25,000-34,999
5,204
13.0
1,758
10.0
1,469
13.2
1,977
17.3
35,000-49,999
6,055
15.1
2,291
13.1
1,980
17.8
1,784
15.6
50,000-74,999
6,781
16.9
3,544
20.2
1,825
16.4
1,412
12.3
75,000-99,999
3,913
9.8
2,364
13.5
974
8.8
575
5.0
100,000-149,999
4,000
10.0
2,597
14.8
908
8.2
495
4.3
150,000-199,999
1,233
3.1
814
4.6
264
2.4
155
1.4
200,000 and Over
1,728
4.3
1,199
6.8
348
3.1
181
1.6
40,132
100.0
17,552
100.0
11,122
100.0
11,458
100.0
Total
Median
$44,040
$40,646
$62,252
$29,277
2016 (Proj.)
Under $15,000
5,674
13.2
1,720
9.0
1,813
14.2
2,141
19.3
15,000-24,999
5,776
13.5
1,445
7.6
1,918
15.0
2,413
21.7
25,000-34,999
5,440
12.7
1,872
9.8
1,657
13.0
1,911
17.2
35,000-49,999
6,497
15.1
2,462
12.9
2,267
17.8
1,768
15.9
50,000-74,999
7,316
17.0
3,804
20.0
2,119
16.6
1,393
12.6
75,000-99,999
4,276
10.0
2,572
13.5
1,117
8.8
587
5.3
100,000-149,999
4,454
10.4
2,846
14.9
1,089
8.5
519
4.7
150,000-199,999
1,424
3.3
927
4.9
330
2.6
167
1.5
200,000 and Over
2,056
4.8
1,419
7.4
440
3.5
197
1.8
42,913
100.0
19,067
100.0
12,750
100.0
11,096
100.0
Total
Median
$45,530
$63,375
Source: Claritas, Inc.: 2011 Senior Life Report and Tracy Cross & Associates, Inc.
$41,573
$30,233
A3.3
HOUSEHOLD INCOMES: HOUSEHOLDS AGED 55 AND OLDER
CITY OF BERWYN PMA
Household
Income
Householders Aged … Householders Aged … Householders Aged…
75+ Years
55 to 64 Years
65 to 74 Years
Total
Number
Percent
Number
Percent
Number
Percent
Number
Percent
2011 (Est.)
Under $15,000
1,000
14.4
200
7.1
320
17.5
480
20.8
15,000-24,999
1,113
16.0
317
11.3
289
15.8
507
22.0
25,000-34,999
1,184
17.1
402
14.4
310
16.9
472
20.4
35,000-49,999
1,022
14.7
408
14.6
313
17.1
301
13.0
50,000-74,999
1,314
18.9
689
24.6
302
16.5
323
14.0
75,000-99,999
562
8.1
316
11.3
130
7.1
116
5.0
100,000-149,999
546
7.9
348
12.4
114
6.2
84
3.6
150,000-199,999
102
1.5
66
2.4
21
1.1
15
0.6
200,000 and Over
95
1.4
54
1.9
30
1.6
11
0.5
6,938
100.0
2,800
100.0
1,829
100.0
2,309
100.0
Total
Median
$37,550
$52,642
$34,882
$28,529
2016 (Proj.)
Under $15,000
1,019
14.1
223
7.3
368
17.7
428
20.6
15,000-24,999
1,112
15.4
337
11.1
326
15.7
449
21.6
25,000-34,999
1,217
16.9
435
14.3
352
16.9
430
20.7
35,000-49,999
1,091
15.1
437
14.3
365
17.5
289
13.9
50,000-74,999
1,370
19.0
753
24.7
338
16.2
279
13.4
75,000-99,999
600
8.3
347
11.4
143
6.9
110
5.3
100,000-149,999
590
8.2
380
12.5
135
6.5
75
3.6
150,000-199,999
111
1.5
73
2.4
25
1.2
13
0.6
200,000 and Over
104
1.4
64
2.1
31
1.5
9
0.4
7,214
100.0
3,049
100.0
2,083
100.0
2,082
100.0
Total
Median
$38,576
$53,036
Source: Claritas, Inc.: 2011 Senior Life Report and Tracy Cross & Associates, Inc.
$34,822
$28,768
Trends in Nonagricultural Wage & Salary Employment by Industry Sector
Chicago-Naperville-Joliet, IL Metropolitan Division(1)
2001 - July 2011
A3.4
2002
2003
2004
2005
2006
2007
2008
2009
2010
3,887,300
3,799,100
3,756,900
3,754,100
3,790,900
3,843,700
3,873,100
3,845,100
3,645,200
3,611,300
3,586,200
3,619,000
Natural Resources, Construction & Mining
181,000
181,700
179,700
175,600
175,400
180,500
176,900
165,700
135,800
121,100
116,600
121,400
Manufacturing
481,600
441,000
412,800
400,800
395,900
389,900
383,700
370,600
326,300
315,400
313,500
319,700
Wholesale Trade
219,700
213,500
208,200
205,300
208,500
211,200
212,100
211,900
197,700
193,400
192,400
198,300
Retail Trade
394,100
385,300
380,600
382,500
383,700
384,600
388,500
383,400
361,600
356,700
352,600
357,200
Transportation & Utilities
192,400
180,100
176,400
178,000
178,600
180,600
181,600
180,900
168,900
167,900
165,700
169,700
Information
107,500
99,500
91,500
87,000
84,800
83,800
83,800
82,800
76,800
73,800
74,000
71,000
Financial Activities
293,100
290,400
294,500
292,000
295,100
298,000
294,600
283,400
267,200
259,400
259,700
257,100
Professional & Business Services
631,100
602,600
588,600
603,300
622,400
645,500
659,600
650,800
599,200
605,600
598,300
609,500
Education & Health Services
444,500
453,400
460,700
468,500
478,700
490,700
504,000
520,300
531,700
544,200
540,400
548,400
Leisure & Hospitality
304,900
305,600
312,000
317,600
322,500
332,200
339,400
341,100
329,700
328,200
324,500
327,900
Other Services
165,600
166,000
172,200
171,900
170,600
171,800
172,800
174,600
171,200
168,500
168,100
167,500
Government
471,800
480,000
479,800
471,700
474,700
475,000
476,100
479,800
479,000
477,200
480,400
471,500
Total Employment (2)
(1)
(2)
First Seven Months
2011
2010
2001
Includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, McHenry and Will counties in Illinois.
Totals may not add due to rounding; YTD July 2011 figures are preliminary.
Source: U.S. Department of Commerce, Bureau of Labor Statistics.
Housing Units by Year Built and Tenure
Berwyn Market Area
2011
A3.5
Berwyn Market Area
Housing Units by Year Structure Built
Housing Units Built 2000 to present
Housing Units Built 1990 to 1999
Housing Units Built 1980 to 1989
Housing Units Built 1970 to 1979
Housing Units Built 1960 to 1969
Housing Units Built 1950 to 1959
Housing Units Built 1940 to 1949
Housing Units Built 1939 or Earlier
Total
2011 Est. Median Year Structure Built
Total Occupied
Housing
p
g Units
Number
of Units
Percent
of Total
City of Berwyn PMA
Number
of Units
Percent
of Total
Remainder of
Market Area
Number
of Units
Percent
of Total
2,254
5,520
6,202
11,985
15,152
22,904
13,382
32,559
2.0
5.0
5.6
10.9
13.8
20.8
12.2
29.6
144
340
392
771
1,877
3,879
3,017
10,299
0.7
1.6
1.9
3.7
9.1
18.7
14.6
49.7
2,110
5,180
5,810
11,214
13,275
19,025
10,365
22,260
2.4
5.8
6.5
12.6
14.9
21.3
11.6
24.9
109,958
100.0
20,719
100.0
89,239
100.0
----------------- 1953 -----------------
----------------- 1949 ---------------
----------------- 1954 -----------------
101,759
,
92.5
18,039
,
87.1
83,720
,
93.8
Total Owner-Occupied Housing Units
By Householders Aged 55 to 64 Years
By Householders Aged 65 to 74 Years
By Householders Aged 75 Years and Older
67,822
11,159
9,597
10,540
66.6
16.5
14.2
15.5
10,787
1,459
1,332
2,107
59.8
13.5
12.3
19.5
57,035
9,700
8,265
8,433
68.1
17.0
14.5
14.8
Total Renter-Occupied Housing Units
By Householders Aged 55 to 64 Years
By Householders Aged 65 to 74 Years
By Householders Aged 75 Years and Older
33,937
3,046
2,250
3,540
33.4
9.0
6.6
10.4
7,252
577
692
771
40.2
8.0
9.5
10.6
26,685
2,469
1,558
2,769
31.9
9.3
5.8
10.4
Source: U.S. Census Bureau, Census 2010 ; Claritas, Inc., 2011 Demographic Comparison Report and Senior Life reports; and Tracy Cross & Associates, Inc.
Residential Building Permit Trends
Berwyn Market Area
1995 - July 2011
A3.6
Berwyn Market Area
Single
Family
Remainder of
Market Area
City of Berwyn PMA
MultiFamily
Total
Single
Family
MultiFamily
Total
Single
Family
MultiFamily
Year
Total
1995
149
52
97
4
4
0
145
48
97
1996
193
153
40
15
3
12
178
150
28
1997
156
145
11
6
4
2
150
141
9
1998
136
123
13
10
0
10
126
123
3
1999
265
184
81
75
6
69
190
178
12
2000
149
85
64
48
2
46
101
83
18
2001
323
161
162
7
3
4
316
158
158
2002
399
105
294
2
2
0
397
103
294
2003
229
163
66
2
2
0
227
161
66
2004
228
149
98
24
10
14
204
139
65
2005
234
165
69
22
6
16
212
159
53
2006
288
206
80
24
10
14
264
196
68
2007
162
146
16
13
1
12
149
145
4
2008
51
48
3
0
0
0
51
48
3
2009
114
42
72
1
1
0
113
41
72
2010
154
34
120
0
0
0
154
34
120
16
15
16
15
0
0
0
1
0
1
0
0
16
14
16
14
0
0
218
317
250
109
154
122
143
173
79
34
96
174
77
30
120
10
4
23
5
0
4
2
9
1
0
6
1
15
4
0
209
313
227
104
154
118
141
165
78
34
90
173
62
26
120
First Seven
Months
2010
2011
Averages
2000- 2010
2001 - 2003
2004 - 2006
2007 - 2009
2008 - 2010
Source: U.S. Department of Commerce, C-40 Construction Reports and Tracy Cross & Associates, Inc.
Composite Summary: Fair Market Apartments
Berwyn CMA
September 2011
A4.1
Project/Location
Map
Number
Year
Built
Total
Units
Unit
Type
M7
2010
7
1 BR
Unit
By Type
Rent
Range
Sq. Ft.
Range
Rent/Sq. Ft.
Range
$868
590
$1.47
$868
590
$1.47
AGE-QUALIFYING DEVELOPMENTS
Countryside Senior
6404 Joliet Road
Countryside, IL 60525
708.246.0101
7
Weighted Average Rent/Sq. Ft.:
The Briarwood-Independent
7824 West Madison Street
Forest Park, IL 60130
708.366.2206
M8
Occupancy:
100% leased. Maintains waiting list.
Utilities:
Tenants pay electric.
Amenities:
Central laundry on each floor, community room, off-street parking.
Comments:
Statistics exclude 63 income-qualifying units. There are 100 parking spaces.
1933
36
Studio/1.0
1 BR/1.0
Weighted Average Rent/Sq. Ft.:
Source: Tracy Cross & Associates, Inc.
22
14
$573
683
300
450
$1.91
1.52
$616
358
$1.72
Occupancy:
100% occupied. Maintains waiting list.
Utilities:
Tenants pay electric.
Amenities:
Emergency call system, community room, off-street parking, business center,
planned activities, scheduled transportation, skilled care facility on-site.
Comments:
None.
Appendix A4.1, Page 1 of 6
Project/Location
Riverwalk
8019 Ogden Avenue
Lyons, IL 60534
708.442.0007
Map
Number
Year
Built
Total
Units
Unit
Type
M6
2003
12
1 BR/1.0
2 BR/1.0
2 BR/2.0
Unit
By Type
3
4
5
Weighted Average Rent/Sq. Ft.:
Melrose Commons
1750 Riverwoods Drive
Melrose Park, IL 60160
708.343.2265
M11
Sq. Ft.
Range
Rent/Sq. Ft.
Range
$866
1,094
1,094
566
792
816
$1.53
1.38
1.34
$1,037
746
$1.39
Occupancy:
75.0%; Three (3) vacant units.
Utilities:
Tenants pay electric and gas.
Amenities:
Central laundry facility, community room, planned activities, off-street parking.
Comments:
Statistics exclude 108 income-qualifying units.
2003
11
1 BR/1.0
2 BR/2.0
6
5
Weighted Average Rent/Sq. Ft.:
Source: Tracy Cross & Associates, Inc.
Rent
Range
$850
975
722
900
$1.18
1.08
$907
803
$1.13
Occupancy:
100% occupied. Maintains waiting list.
Utiliti
Utilities:
T
t pays electric.
l ti
Tenant
Amenities:
Laundry facility, fitness center, library, planned activities, business center, scheduled transportation.
Comments:
Statistics exclude 84 income-qualifying units.
Appendix A4.1, Page 2 of 6
Project/Location
Map
Number
Year
Built
Total
Units
Unit
Type
M4
1930
36
1 BR/1.0
2 BR/1.0
Unit
By Type
Rent
Range
Sq. Ft.
Range
Rent/Sq. Ft.
Range
$675
750
700
825
$0.96
0.91
$713
763
$0.93
$700
600
$1.17
$700
600
$1.17
FAMILY (Non Age-Qualifying) DEVELOPMENTS
2105-2111 Grove Avenue
2105-2111 Grove Avenue
Berwyn, IL 60402
847.471.0354
18
18
Weighted Average Rent/Sq. Ft.:
3225 Home Avenue
3225 Home Avenue
Berwyn, IL 60402
708.485.4488
M2
Occupancy:
83.3%; Six (6) vacant units.
Utilities:
Tenants pay electric and cooking gas.
Amenities:
Central laundry facility, off-street parking.
Comments:
None.
1959
12
1 BR/1.0
Weighted Average Rent/Sq. Ft.:
Source: Tracy Cross & Associates, Inc.
Occupancy:
100.0% Occupied.
Utilities:
Tenants pay electric.
Amenities:
Central laundry facility.
Comments:
None.
12
Appendix A4.1, Page 3 of 6
Project/Location
3612 Clarence Avenue
3612 Clarence Avenue
Berwyn, IL 60402
708.697.5932
Map
Number
Year
Built
Total
Units
Unit
Type
M3
1950
2
2 BR/1.0
Unit
By Type
2
Weighted Average Rent/Sq. Ft.:
6744-6750 21st Street
6744-6750 21st Street
Berwyn, IL 60402
847.471.0354
M5
Occupancy:
50.0%; One (1) vacant unit.
Utilities:
Tenants pay electric.
Amenities:
Central laundry facility, garage.
Comments:
None.
1929
13
1 BR/1.0
Weighted Average Rent/Sq. Ft.:
Source: Tracy Cross & Associates, Inc.
Occupancy:
92.3%; One (1) vacant unit.
Utiliti
Utilities:
T
t pay electric.
l ti
Tenants
Amenities:
None.
Comments:
None.
13
Rent
Range
Sq. Ft.
Range
Rent/Sq. Ft.
Range
$1,350
900
$1.50
$1,350
900
$1.50
$745
750
$0.99
$745
750
$0.99
Appendix A4.1, Page 4 of 6
Project/Location
Green Garden
6701 and 6705 Stanley Avenue
Berwyn, IL 60402
708.848.4600
Map
Number
Year
Built
Total
Units
Unit
Type
M1
1972
24
1 BR/1.0
2 BR/1.0
Unit
By Type
16
8
Weighted Average Rent/Sq. Ft.:
528 Des Plaines
528 Des Plaines Avenue
Forest Park, IL 60130
708.848.4600
M9
Occupancy:
95.8%; One (1) vacant unit.
Utilities:
Tenants pay electric and cooking gas.
Amenities:
Central laundry facility, off-street parking.
Comments:
None.
1970
15
1 BR/1.0
2 BR/1.0
Weighted Average Rent/Sq. Ft.:
Source: Tracy Cross & Associates, Inc.
Occupancy:
93.3%; One (1) vacant unit.
Utiliti
Utilities:
T
t pay electric.
l ti
Tenants
Amenities:
Central laundry facility, off-street parking.
Comments:
None.
13
2
Rent
Range
Sq. Ft.
Range
Rent/Sq. Ft.
Range
$650
750
550
665
$1.18
1.13
$683
588
$1.16
$715
850
565
690
$1.27
1.23
$733
582
$1.26
Appendix A4.1, Page 5 of 6
Project/Location
1970 North 18th Avenue
1970 North 18th Avenue
Melrose Park, IL 60160
708.848.4600
Map
Number
Year
Built
Total
Units
Unit
Type
M10
1965
12
1 BR/1.0
Unit
By Type
Weighted Average Rent/Sq. Ft.:
Source: Tracy Cross & Associates, Inc.
Occupancy:
91.7%; One (1) vacant unit.
Utilities:
Tenants pay electric.
Amenities:
Central laundry facility, off-street parking.
Comments:
None.
12
Rent
Range
Sq. Ft.
Range
Rent/Sq. Ft.
Range
$650
525
$1.24
$650
525
$1.24
Appendix A4.1, Page 6 of 6
Composite Summary: Affordable (Income-Qualifying) Apartments
Berwyn CMA
September 2011
A5.1
Project/Location
Map
Number
Year
Built
Total
Units
Unit
Type
A17
1993/1995
84
1 BR/1.0
Units
By Type
Gross
Rent
Unit Size
(Sq. Ft.)
$/Sq. Ft.
AGE-QUALIFYING DEVELOPMENTS
Prairie View I and II
3500 and 3936 Georgina Lane
Bellwood, IL 60104
630.789.8939
708.547.5508
Churchview Manor
2626 West 63rd Street
Chicago-Chicago Lawn
773.925.0730
84
Weighted Average:
A7
676
$0.92
$620
676
$0.92
$589
730
540
815
$1.09
0.90
$598
558
$1.07
Occupancy:
100%; Maintains waiting list.
Utilities:
Tenants pay electric and gas. Utility allowance: $95 One bedroom.
Amenities:
Central laundry, community room, off-street parking.
Comments:
60% AMI
1992
60
1 BR/1.0
2 BR/1.0
56
4
Weighted Average:
Source: Tracy Cross & Associates, Inc.
$620
Occupancy:
90.0%; Six (6) vacant units allocated to 60% AMI.
Maintains waiting list for units allocated to 30% AMI.
Utilities:
Tenants pay electric. Utility allowances are not provided.
Amenities:
Central laundry facility, community room, off-street parking, planned activities,
scheduled transportation to grocery markets.
Comments:
30/60%AMI
Appendix Table A5.1, Page 1 of 7
Project/Location
Lawn Terrace
3214 West 63rd Place
Chicago-Chicago Lawn
773.925.0815
Map
Number
Year
Built
Total
Units
Unit
Type
A8
1996
102
Studio/1.0
1 BR/1.0
2 BR/1.0
Units
By Type
8
83
11
Weighted Average:
Senior Suites at Marquette Village
7430 South Rockwell Avenue
Chicago-Chicago Lawn
773.436.0333
A9
A6
400
540
815
$0.63
1.15
0.91
$606
559
$1.08
Utilities:
Tenants pay electric. Utility allowances are not provided.
Amenities:
Central laundry facility, community room, off-street parking, planned activities,
scheduled transportation to grocery markets.
Comments:
30/50/60% AMI
2008
93
Studio/1.0
1 BR/1.0
10
83
$/Sq. Ft.
$253
622
740
94.1%; Six (6) vacant units allocated to 60% AMI.
Maintains waiting list for units allocated to 30% and 50% AMI.
$680
873
500
600
$1.36
1.46
$852
589
$1.45
Occupancy:
98.9%; One (1) vacancy. Maintains waiting list.
Utilities:
Included
Amenities:
Monthly housekeeping, central laundry on each floor, community room, off-street parking,
planned activities, scheduled transportation to grocery markets, optional meal plan.
Comments:
15/30/50/60% AMI
1995
86
Studio/1.0
1 BR/1.0
7
79
Weighted Average:
Source: Tracy Cross & Associates, Inc.
Unit Size
(Sq. Ft.)
Occupancy:
Weighted Average:
Senior Suites of Gage Park
3244 West 59th Street
Chicago-Gage Park
773.434.4333
Gross
Rent
$763
873
475
575
$1.61
1.52
$864
567
$1.52
Occupancy:
98.9%; One (1) vacant unit allocated to 60% AMI.
Maintains waiting list for units allocated to 50% AMI.
Utilities:
Included
Amenities:
Monthly housekeeping, central laundry on each floor, community room, off-street parking,
planned activities, scheduled transportation to grocery markets, optional meal plan.
Comments:
50/60% AMI
Appendix Table A5.1, Page 2 of 7
Project/Location
Senior Suites of Garfield Ridge
5839 South Harlem Avenue
Chicago-Garfield Ridge
773.229.1533
Map
Number
Year
Built
Total
Units
Unit
Type
A4
2005
86
Studio/1.0
1 BR/1.0
Units
By Type
7
79
Weighted Average:
Senior Suites of New City
4845 South Western Avenue
Chicago-New City
773.523.9333
A5
A3
$/Sq. Ft.
$763
873
475
575
$1.61
1.52
$864
567
$1.52
100%; Maintains waiting list.
Utilities:
Included
Amenities:
Monthly housekeeping, central laundry on each floor, community room, off-street parking,
planned activities, scheduled transportation to grocery markets, optional meal plan.
Comments:
30/50/60% AMI
2003
110
1 BR/1.0
110
$873
575
$1.52
$873
575
$1.52
Occupancy:
100%; Maintains waiting list.
Utilities:
Included
Amenities:
housekeeping central laundry on each floor,
floor community room
parking
Monthly housekeeping,
room, off-street
off street parking,
planned activities, scheduled transportation to grocery markets, optional meal plan.
Comments:
30/50/60% AMI
1997
71
1 BR/1.0
1 BR/1.0
Weighted Average:
Source: Tracy Cross & Associates, Inc.
Unit Size
(Sq. Ft.)
Occupancy:
Weighted Average:
Drexel Horizon
3443 South 55th Avenue
Cicero, IL 60804
708.780.0822
Gross
Rent
21
50
$655
670
570
570
$1.15
1.18
$666
570
$1.17
Occupancy:
100% occupied. Maintains waiting list.
Utilities:
Tenants pay electric and gas.
Utility allowances: $63 One bedroom apartment; $73 One bedroom villa.
Amenities:
Central laundry on each floor, community room, off-street parking,
planned activities, library, game room, gazebo with grills.
Comments:
50/60% AMI
Appendix Table A5.1, Page 3 of 7
Project/Location
Countryside Senior
6404 Joliet Road
Countryside, IL 60525
708.246.0101
Map
Number
Year
Built
Total
Units
Unit
Type
A11
2010
63
1 BR/1.0
Units
By Type
63
Weighted Average:
Elmbrook Senior
7940 West Grand Avenue
Elmwood Park, IL 60707
708.583.1235
A19
A2
590
$1.41
$829
590
$1.41
$1,177
1,362
475
595
$2.48
2.29
$1,318
566
$2.33
Utilities:
Tenants pay electric. Utility allowance: $79 One bedroom.
Amenities:
Central laundry on each floor, community room, off-street parking.
Comments:
Initial occupancy September 27, 2010. 40/50/60% AMI.
Statistics exclude seven market rate units. There are 100 parking spaces.
1999
71
Studio/1.0
1 BR/1.0
17
54
$/Sq. Ft.
$829
100% leased. Maintains waiting list.
Occupancy:
100% Occupied; Maintains waiting list.
Utilities:
Tenants pay electric. Utility allowances: $25 Studio; $34 One bedroom.
Amenities:
parking gardening area
Central laundry facility
facility, community room
room, off-street
off street parking,
area, patios
patios, planned
activities, on-site social services coordinator, emergency call system, Meals on Wheels program.
Comments:
Statistics exclude one two-bedroom unit occupied by staff.
1996
50
1 BR/1.0
Weighted Average:
Source: Tracy Cross & Associates, Inc.
Unit Size
(Sq. Ft.)
Occupancy:
Weighted Average:
Lyons Grove Senior
8325 Carr Court
Lyons, IL 60534
708.442.5810
Gross
Rent
50
$630
700
$0.90
$630
700
$0.90
Occupancy:
100% occupied. Maintains waiting list.
Utilities:
Tenants pay electric and gas. Utility allowance: $95 One bedroom.
Amenities:
Central laundry facility, community room, planned activities, off-street parking.
Comments:
50/60% AMI
Appendix Table A5.1, Page 4 of 7
Project/Location
Riverwalk
8019 Ogden Avenue
Lyons, IL 60534
708.442.0007
Map
Number
Year
Built
Total
Units
Unit
Type
A1
2003
108
1 BR/1.0
2 BR/1.0
2 BR/2.0
Units
By Type
24
64
20
Weighted Average:
Garden House of Maywood
515 South Second Avenue
Maywood, IL 60153
708.343.4511
A15
A14
566
792
816
$1.42
1.23
1.19
$935
746
$1.25
Utilities:
Tenants pay electric and gas.
Amenities:
Central laundry facility, community room, planned activities, off-street parking.
Comments:
40/50/60% AMI
Statistics exclude twelve market rate units.
1978
144
1 BR/1.0
144
$945
567
$1.67
$945
567
$1.67
Occupancy:
100% occupied. Maintains waiting list.
Utilities:
Tenants pay electric. Utility allowance: $35 One bedroom.
Amenities:
parking
Central laundry facility
facility, community room
room, off-street
off street parking.
Comments:
HUD/HFDA
Statistics exclude one two-bedroom unit occupied by staff. There are 48 parking spaces.
1987
72
Studio/1.0
1 BR/1.0
18
54
$/Sq. Ft.
$804
973
973
100% occupied. Maintains waiting list.
Weighted Average:
Source: Tracy Cross & Associates, Inc.
Unit Size
(Sq. Ft.)
Occupancy:
Weighted Average:
Maywood Phoenix
401 Green Street
Maywood, IL 60153
708.344.0365
Gross
Rent
$1,192
1,412
460
580
$2.59
2.43
$1,357
550
$2.47
Occupancy:
100% occupied. Maintains waiting list.
Utilities:
Tenants pay electric. Utility allowances: $49 Studios, $58 One bedroom.
Amenities:
Central laundry facility, community room, off-street parking.
Comments:
HUD/HFDA
Statistics exclude one one-bedroom unit occupied by staff. There are 22 parking spaces.
Appendix Table A5.1, Page 5 of 7
Project/Location
Melrose Commons
1750 Riverwoods Drive
Melrose Park, IL 60160
708.343.2265
Map
Number
Year
Built
Total
Units
Unit
Type
A18
2003
84
1 BR/1.0
1 BR/1.0
1 BR/1.0
1 BR/1.0
2 BR/2.0
2 BR/2.0
Units
By Type
21
21
11
11
10
10
Weighted Average:
Mills Park
1025 Pleasant Place
Oak Park, IL 60302
708.386.7536
A13
A12
$/Sq. Ft.
$775
775
775
775
930
930
650
698
713
722
893
900
$1.19
1.11
1.09
1.07
1.04
1.03
$812
738
$1.10
100% occupied. Maintains waiting list.
Utilities:
Tenant pays electric. Utility allowance: $35 One bedroom, $48 Two Bedroom.
Amenities:
Laundry facility, fitness center, library, planned activities, business center, scheduled transportation.
Comments:
50/60% AMI
Statistics exclude eleven market rate units.
1975
198
1 BR/1.0
198
$1,035
650
$1.59
$1,035
650
$1.59
$832
1,035
523
650
$1.59
1.59
$1,005
631
$1.59
Occupancy:
p
y
100% occupied.
Maintains waiting
p
g list.
Utilities:
Tenants pay electric. Utility allowance: $87 One bedroom.
Amenities:
Central laundry facility, library, on-site home health care, off-street parking.
Comments:
None
1980
74
Studio/1.0
1 BR/1.0
Weighted Average:
Source: Tracy Cross & Associates, Inc.
Unit Size
(Sq. Ft.)
Occupancy:
Weighted Average:
The Oaks
114 South Humphrey
Oak Park, IL 60302
708.386.5812
Gross
Rent
11
63
Occupancy:
100% occupied. Maintains waiting list.
Utilities:
Tenants pay electric. Utility allowance: $73 Studio; $87 One bedroom.
Amenities:
Central laundry facility, fitness center, business center, on-site home health care, off-street parking.
Comments:
None
Appendix Table A5.1, Page 6 of 7
Project/Location
Map
Number
Year
Built
Total
Units
Unit
Type
A10
1971
263
1 BR/1.0
2 BR/1.0
3 BR/2.0
Units
By Type
Gross
Rent
Unit Size
(Sq. Ft.)
$/Sq. Ft.
$755
905
1,050
611
848
1,034
$1.24
1.07
1.02
$903
828
$1.09
FAMILY INCOME-QUALIFYING DEVELOPMENTS
Oaks of Willow Hill
8711 South 87th Terrace
Justice, IL 60458
708.848.4600
99
66
98
Weighted Average:
Goodell Place
617 South 16th Avenue
Maywood, IL 60153
708.344.6525
A16
Occupancy:
96.2%; Ten (10) vacant units.
Utilities:
Tenants pay electric. Utility allowances: $27 One bedroom; $34 Two bedroom; $52 Three bedroom.
Amenities:
Central laundry facility, off-street parking, swimming pool, clubhouse.
Comments:
Formerly marketed as Candelwood Apartments.
60% AMI
2001
22
1 BR/1.0
2 BR/1.0
3
19
Weighted Average:
Heritage House
10317 West Palmer Street
Melrose Park, IL 60164
847.455.3020
A20
560
700
$0.84
1.07
$712
681
$1.05
Occupancy:
100% occupied. Maintains waiting list.
Utiliti
Utilities:
T
t pay electric
l t i and
d gas. Utility
Utilit allowances:
ll
$84 O
d
$99 T
d
Tenants
One b
bedroom;
Two b
bedroom.
Amenities:
Central laundry facility.
Comments:
40/50/60%
1972
143
Studio/1.0
Studio/1.0
1 BR/1.0
Weighted Average:
Source: Tracy Cross & Associates, Inc.
$473
750
48
6
89
$508
577
649
320
368
700
$1.59
1.57
0.93
$599
559
$1.07
Occupancy:
100% occupied. Maintains waiting list.
Utilities:
Tenants pay electric. Utility allowances: $72 Studio; $94 Two bedroom.
Amenities:
Central laundry facility.
Comments:
60% AMI
Statistics exclude one one-bedroom unit used as on-site leasing/management office.
Appendix Table A5.1, Page 7 of 7
A5.2
Assessment Summary: Income-Qualifying Apartments
Berwyn CMA
September 2011
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Source: Tracy Cross & Associates, Inc.
Prairie View I and II
3500 and 3936 Georgina Lane
Bellwood 60104
630.789.8939
A17
Elderly
1
TC
84
84
Good
100.0%
60% of median
Churchview Manor
2626 West 63rd Street
Chicago-Chicago Lawn 60629
773.925.0730
A7
Elderly
1,2
HTF/TC
60
60
Good
90.0%
30/60% of median
Lawn Terrace
3214 West 63rd Place
Chicago-Chicago Lawn 60629
773.925.0815
A8
Elderly
0,1,2
HTF
102
102
Good
94.1%
30/50/60% of median
Appendix A5.2, Page 1 of 7
A5.2
Assessment Summary: Income-Qualifying Apartments
Berwyn CMA
September 2011
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Source: Tracy Cross & Associates, Inc.
Senior Suites at Marquette Village
7430 South Rockwell Avenue
Chicago-Chicago Lawn 60629
773.436.0333
A9
Elderly
Studio,1
HTF
93
93
Excellent
98.9%
15/30/50/60% of median
Senior Suites of Gage Park
3244 West 59th Street
Chicago-Gage Park 60629
773.434.4333
A6
Elderly
Studio,1
HUD/Section 8
86
86
Excellent
98.9%
50/60% of median
Senior Suites of Garfield Ridge
5839 South Harlem Avenue
Chicago-Garfield Ridge 60638
773.229.1533
A4
Elderly
Studio, 1
HUD/Section 8
86
86
Excellent
100.0%
30/50/60% of median
Appendix A5.2, Page 2 of 7
A5.2
Assessment Summary: Income-Qualifying Apartments
Berwyn CMA
September 2011
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Source: Tracy Cross & Associates, Inc.
Senior Suites of New City
4845 South Western Avenue
Chicago-New City 60609
773.523.9333
A5
Elderly
1
HUD/Section 8
110
110
Excellent
100.0%
30/50/60% of median
Drexel Horizon
3443 South 55th Avenue
Cicero, IL 60804
708.780.0822
A3
Elderly
1
HTF/TC
71
71
Good
100.0%
50/60% of median
Countryside Senior
6404 Joliet Road
Countryside, IL 60525
708.246.0101
A11
Elderly
1
SHTC/TC
70
63
Excellent
100.0%
40/50/60/100% of median
Appendix A5.2, Page 3 of 7
A5.2
Assessment Summary: Income-Qualifying Apartments
Berwyn CMA
September 2011
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Source: Tracy Cross & Associates, Inc.
Elmbrook Senior
7940 West Grand Avenue
Elmwood Park, IL 60707
708.583.1235
A19
Elderly
Studio,1
HUD/Section 8
72
71
Adequate
100.0%
Up to 50% of median
Lyons Grove Senior
8325 Carr Court
Lyons, IL 60534
708.442.5810
A2
Elderly
1
HTF/TC
50
50
Good
100.0%
50/60% of median
Riverwalk
8019 Ogden Avenue
Lyons, IL 60534
708.442.0007
A1
Elderly
1,2
TC
120
108
Good
97.5%
40/50/60/100% of median
Appendix A5.2, Page 4 of 7
A5.2
Assessment Summary: Income-Qualifying Apartments
Berwyn CMA
September 2011
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Source: Tracy Cross & Associates, Inc.
Garden House of Maywood
515 South Second Avenue
Maywood, IL 60153
708.343.4511
A15
Elderly
1
CDT/HUD/HFDA
144
143
Adequate
100.0%
Up to 30% of median
Maywood Phoenix
401 Green Street
Maywood, IL 60153
708.344.0365
A14
Elderly
Studio,1
HUD Section 202
73
72
Adequate
100.0%
Up to 50% of median
Melrose Commons
1750 Riverwoods Drive
Melrose Park, IL 60160
708.343.2265
A18
Elderly
1,2
HTF/TC
96
84
Excellent
100.0%
50/60% of median
Appendix A5.2, Page 5 of 7
A5.2
Assessment Summary: Income-Qualifying Apartments
Berwyn CMA
September 2011
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Source: Tracy Cross & Associates, Inc.
Mills Park
1025 Pleasant Place
Oak Park, IL 60302
708.386.7536
A13
Elderly
1
HUD
198
198
Adequate
100.0%
Up to 60% of median
The Oaks
114 South Humphrey
Oak Park, IL 60302
708.386.5812
A12
Elderly
Studio,1
HUD
74
74
Adequate
100.0%
Up to 60% of median
Oaks of Willow Hill
8711 South 87th Terrace
Justice, IL 60458
708.848.4600
A10
Family
1,2,3
TE
263
263
Good
96.2%
60% of median
Appendix A5.2, Page 6 of 7
A5.2
Assessment Summary: Income-Qualifying Apartments
Berwyn CMA
September 2011
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Project:
Location:
Telephone:
Map Number:
Tenant Base:
Bedroom Types:
Affordable Housing Program:
Total Number of Units:
Low Income Units:
Development Condition:
Overall Occupancy:
Tenant Demographics:
Source: Tracy Cross & Associates, Inc.
Goodell Place
617 South 16th Avenue
Maywood, IL 60153
708.344.6525
A16
Family
1,2
LIHTC
22
22
Good
100.0%
40/50/60% of median
Heritage House
10317 West Palmer Street
Melrose Park, IL 60164
847.455.3020
A20
Family
1,2
HTF/TC
144
144
Adequate
100.0%
60% of median
Appendix A5.2, Page 7 of 7