Island Terrace, a 21-story apartment high rise in Woodlawn that was once owned by cosmetic magnate George E. Johnson Sr., was recently sold for $29.5 million to the Preservation of Affordable Housing. Located at 6430 S. Stony Island, across from the planned Obama Presidential Center, Island Terrace has 240 apartments accommodating a broad range of incomes and household sizes.
“We are delighted to announce our purchase of Island Terrace Apartments,” said Bill Eager, POAH Senior Vice President. “Through this acquisition, we now have preserved and expanded housing opportunities from the west end of Woodlawn to the very eastern edge.”
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