WOODSTOCK – A Chicago real estate company plans to renovate several run-down, bank-owned apartment complexes in McHenry County.
JCF Real Estate bought a string of run-down, bank-owned apartment complexes in Harvard, Hebron, Woodstock, and Genoa City, Wis. It plans to rehabilitate the buildings and lease them.
“We are in the process of rapidly and strategically acquiring properties throughout the Midwest and in doing so, identified this particular opportunity to acquire and reposition a portfolio of distressed bank-owned properties,” JCF Real Estate President John said in a news release. “We will now begin implementing a comprehensive construction program to remedy the deferred maintenance and reposition the properties within their respective markets.”
Company officials could not be reached Friday afternoon for more details about the properties, such as where they are located or how much they spent.
The news release said “JCF identified the opportunity through its bank contacts and raised the capital through its investor relationships.”
The multifamily properties had extensive maintenance issues and included many uninhabitable units.
JCF got a loan to cover the rehabilitation costs and plans to begin renovation immediately, the company said.
SR&J Construction, an affiliate of JCF Real Estate, plans to do exterior renovations and landscaping, and make interior improvements to the units and common areas of the properties.
Once the apartment buildings are overhauled, JCF plans to “reposition the properties in their markets, release the apartments to qualified residents and maximize the revenue for refinance or disposition,” the news release said.
The company expects to complete the renovation projects by the end of the year.