100-Unit Multi-Family Community Latest Seniors Housing Development for Ryan Companies

NAPERVILLE, Ill. (June 7, 2012)—With the phased move-in of residents already underway, Ryan Companies US, Inc. and its development partner Jim Bergman have completed construction of Thomas Place Gurnee, the 100-unit, affordable seniors apartment community at 401 N. Hunt Club Rd., Gurnee, Ill.

At the time of completion, the $25.4-million Thomas Place Gurnee was 28 percent occupied. Residents began moving into the complex in April.

“The relative speed at which Thomas Place Gurnee is being leased and residents are moving in underscores the need for affordable seniors housing in the Chicago area,” said Dan Walsh, vice president, Ryan Companies US, Inc. “Thomas Place goes beyond that basic need for units and satisfies sociological needs such as allowing residents to remain part of and close to a community.”

Located on a 12-acre site on the east side of Hunt Club Road, just north of Washington Avenue, Thomas Place Gurnee is a three-story development. It features 33 one-bedroom, one-bathroom units, each with 784 square feet, and 67 two-bedroom, two-bathroom units, each with 1,033 square feet. Among the amenities in each unit at Thomas Place Gurnee are a balcony or patio, a full-sized kitchen with modern cabinetry and appliances, a washer and dryer and walk-in closets.

Thomas Place Gurnee is an expansion of the development team’s goals of creating safe, attractive, affordable properties that allow seniors with limited incomes to live in or very near the communities they consider home. It further expands the Thomas Place brand Ryan and its partners have established in Illinois. Thomas Place Glenview, completed in 2006, features 144 units including 108 affordable units, and Thomas Place Fox Lake, completed in 2010, has 100 affordable units. Both are 100 percent leased. Ryan has announced plans for another Thomas Place community in Orland Park, Ill.

“On behalf of Governor Pat Quinn, the Illinois Housing Development Authority (IHDA) is proud to play a significant financial role in providing Lake County seniors with safe and decent housing options,” said IHDA Executive Director Mary R. Kenney. “Thomas Place Gurnee demonstrates how the federal housing tax credit program works as an effective financing tool to create affordable housing for those who need it most in Illinois, and to generate jobs.”

Thomas Place Gurnee showcases Ryan’s expertise in real estate development, design and construction. The façade of the building was designed with a classic, elegant look and features board and batten siding and brick veneer. The building has a common area that is centrally located between two residential wings, a layout intended to encourage socializing and help create a sense of community. The common area includes a dining room and kitchen, TV and entertainment lounge, a game room and a fitness center.

The exterior of the property has been professionally landscaped with a private courtyard and a covered drop-off area for residents and guests. There are 152 parking spaces, including 101 indoor parking spaces and 51 outdoor spaces. An on-site management team is responsible for snow removal, building repairs and other property maintenance matters.

With approximately 60 units still available for lease, Pioneer Property Management, Inc., the development’s property management company, continues to accept applications. More information about Thomas Place Gurnee is available by calling (847) 855-1180.

Thomas Place Gurnee is an age-restricted community. The age-restriction guidelines require at least one resident in each unit must be 55 or older. Income restrictions will apply. The monthly rents for the one-bedroom units range to $783, and are $928 for the two-bedroom units.

Design Build Architectural Services, Inc., a wholly-owned Ryan subsidiary, provided architecture and engineering services. Other development team members included The Burton Foundation and Tom Monico, affordable housing consultant, Thomas & Thomas Associates. Thomas Place Gurnee is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority (IHDA).

Ryan is serving or has served as developer, owner and/or general contractor on numerous multi-family housing projects, primarily in the Midwest. These projects account for in excess of 2,700 units which have been placed into service or are under construction. This includes more than 1,000 units in market-rate and affordable seniors housing projects.

About Ryan Companies US, Inc.
Ryan Companies US, Inc. is a national developer, designer, capital investment consultant, builder and real estate manager specializing in fully integrated solutions for more than 70 years. Key market sectors include:  retail, distribution, mission critical, public sector and health care; and product experience includes work on office, retail, multi-housing, industrial, medical office building, seniors housing and mission critical facilities.  Ryan serves customers throughout the United States with offices in the NorthCentral, Midwest, Great Lakes, SouthEast, SouthCentral and SouthWest regions. Ryan was named the 2007 National Developer of the Year by the National Association of Office and Industrial Properties (NAIOP). For more information, visit www.ryancompanies.com.

About Jim Bergman
Jim Bergman has been developing affordable housing communities, under Section 42 of the Internal Revenue Service code, since 1989 with his first project in Sterling, Ill. Over the course of 20 years, Bergman, based in the Quad Cities, has been involved in the development and ownership of approximately 30 projects totaling 2,000 units in Illinois, Iowa, Wisconsin and Mississippi. His portfolio of properties, including Thomas Place Glenview and Thomas Place Fox Lake, maintains a 95 percent occupancy level.

About The Burton Foundation
The Burton Foundation, incorporated in 1992, is a publicly-supported, non-profit corporation based in Sterling, Ill.  Its primary purpose is to assist the poor and needy through grants, aid and low interest rate loans for housing and health needs in addition to fostering low-income housing through material participation in affordable housing developments. The Foundation assists about 50-80 families per year. Typical grants include funds for rents, utilities, mortgage payments, insurance, gas cards, medical bills, clothing, repairs, education loans, handicap assistance, dental, pest control and food. The Burton Foundation has provided numerous social services at the sites and in their community. Their housing ventures continue to support their philanthropic activities.

About Thomas & Thomas Associates
Thomas & Thomas Associates has been providing real estate services to developers for 30 years.  The firm specializes in providing assistance to affordable housing developers. Over the past 20 years, they have consulted on over 100 projects primarily in the Chicagoland area, the remainder of Illinois and the Midwestern connecting states.