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WOODLAWN — A sprawling apartment complex next to the Obama Presidential Center will remain affordable through the middle of the century and get $4 million in needed renovations, its new owners said.

The 318-unit Jackson Park Terrace Apartments, 6040 S. Harper Ave. in Woodlawn, were sold for $25 million to Jonathan Rose Companies and Preservation of Affordable Housing, the companies announced Thursday.

The complex hosts a mix of apartments affordable to residents making up to 60 percent of the area median income, or $62,520 for a four-person household; and apartments affordable to those making up to 80 percent of the area median income, or $83,350 for a four-person household.

The units will remain affordable at those levels through at least 2056 under the terms of the sale, said Nathan Taft, a partner at Jonathan Rose Companies.

“We feel that it is both an obligation and a privilege to preserve this historic development,” Taft said. “It is perhaps ironic that Jackson Park Terrace was created to provide affordable housing that the private market would not, [while] the need now is to protect this valuable asset from market pressures.”

The new owners will also spend $4 million to upgrade the property’s mechanical, electrical and plumbing systems, make needed structural repairs and address deferred maintenance, Taft said.

 

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