Terms of the transaction were not released by the Chicago-based firm, but the capital was raised through its investor relationships.
The properties, located in Woodstock, Harvard and Hebron, Ill., as well as Genoa City, Wis., suffered from extensive maintenance issues and included many uninhabitable units. JCF recently secured a loan to cover the rehabilitation costs and the firm plans to begin renovation immediately.
“We will now begin implementing a comprehensive construction program to remedy the deferred maintenance and reposition the properties within their respective markets,” said John Fitzmaurice, president of JCF Real Estate.
The construction for the multifamily properties will be handled by SR&J Construction, which is an affiliate of JCF Real Estate. The project will include exterior renovations, landscaping and interior improvements to the units and common areas.
Upon completion of the renovations, the apartments will be released to qualified residents in order to maximize the revenue for refinance or disposition.
JCF is forecasting that construction will be completed before the end of this year.