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Island Terrace Apartments

6430 S. Stony Island Avenue
Chicago, IL 60637
  • Exterior from park
  • Computer Lab
  • Living room
Deal Type: 
Preservation Acquisition
Year Built: 
1969
Acquisition Date: 
2021
Number of Units: 
240
Tenancy: 
Family

Island Terrace Apartments is a 21-story, 240-unit family high rise, located two blocks south of the future site of the Obama Presidential Center, and across from beautiful Jackson Park in the Woodlawn neighborhood.  It was developed in the late 1960s and owned for decades by local businessman George E. Johnson Sr, founder of the Johnson Products Company, an international cosmetics empire headquartered in Chicago.

Made up of one-, two-, and three-bedroom units, with 88 of the units assisted with a Housing Assistance Contract from HUD. The building is located with easy access to both bus and subway lines and next door to the South Side YMCA. On-site building amenities include a community room, computer lab, large laundry room, onsite management and maintenance and package storage.

POAH worked closely with seller PNC Bank and tenants to ensure a smooth transition.  Strong support from both the City of Chicago and Illinois Housing Development Authority made this acquisition possible.  POAH will be leveraging tax credits to complete needed renovations to modernize building systems, improve the building envelope, renovate units and upgrade community spaces.  Island Terrace Apartments is another exciting addition to POAH’s housing commitment to residents in Woodlawn

Project Partners

  • PNC
  • City of Chicago
  • Illinois Housing Development Authority (IHDA)

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