Morse

6945-53 N. Ashland Ave. Chicago, IL

Ansonia saw through the benign neglect and lack of attention to this 55-unit property located in the commercial area extending two blocks west from the heavily utilized Morse “L” station in Chicago’s Rogers Park neighborhood. Ansonia identified value in the proximity to transit, roomy all-1BR floor plans, extra-tall 9’ ceilings, and copious ambient light in the apartments. The fact the property was in some disrepair and rents were way below market were attractions, and ones Ansonia judged correctable in light of the fact the prior owner had run the property for 30+ years and it was brought to market shortly after he died. Following acquisition, Ansonia embarked on a comprehensive renovation including restoration of the entry vestibule, new carpet, paint and lighting in the hallways, and rehabilitation of select apartment interiors. These improvements have sustained rents considerably above the pre-rehab level.