A working partnership yields a rehabilitated, restructured
and revitalized apartment community
In June, 1999, Ginger Ridge, a 469-unit property owned by its residents, through an Illinois non-member not-for-profit reached substantial completion of its $32,000,000 revitalization 3 months ahead of schedule and $1,000,000 under budget. The one bedrooms average 647 square feet, two bedrooms – 938 square feet and three bedrooms – 1,514 square feet. Because throughout construction a well- conceived, thoughtful relocation program was implemented, the occupancy at the date of substantial completion was 84%. The resident population is stable, police calls are below average and school attendance has increased.
Today, Ginger Ridge remains at over 95% economic occupancy, its units are the largest and best in its geographic area, rents average 12% below its competition, its daycare and other resident services are the cement for a stable occupancy and it has significant reserves. The property continues to be run, under the guidance of TFG, by the Board of Ginger Ridge MHA, Inc