Roosevelt Student Housing Management

As of April 5, 2010, IPM has agreed to take on the challenged Roosevelt Student Apartments located at 30 E Roosevelt Road in downtown Chicago.

In just one month, IPM has improved rent collections by 50% and decreased operating expenses by 10%.

IPM also is continuing to make significant progress in maintaining critical building systems along with addressing the tenant's needs.

History:

The eight story Hotel Somerset opened just prior to the 1893 Columbian Exposition strategically located next to the South Side elevated train, one block from the Illinois Central Railroad Station, and three and a half blocks north of the Chicago Coliseum. Designed by Jules De Horvath, the gently-curved bay windows facing Lake Michigan and the south-facing light court helped allow this venerable building to weather more than a century of ups and downs in the fortunes of the South Loop.

A 1905 ad in the "Historical Sketch of the Confectionery Trade of Chicago" touted the hotel as "One Block West of Illinois Central Depot, The best accommodations for the price in the city. Hot and cold water in every room. Rates: 50 cents, 75 cents, and $1.00 per day. All modern conveniences. Ten minutes walk from the heart of the City."

As the fortunes of the South Loop faded, so did the hotel. Its name changed to "Hotel Meyer" in the the early part of the 20th Century. Again renamed "Hotel Roosevelt" after 12th Street became Roosevelt Road, the 19th Century Romanesque hotel became home to a transient population for the last third of the 20th Century, deteriorating from defered maintenance as the decades passed.

The redevelopment of the South Loop in the late 1990s gave the seedy transient hotel new life. The building was placed on the National Register of Historic Places in 2000 as it underwent a radical renovation that opened new retail space on its ground floor facing Roosevelt Road. In 2003, the upper floors of the building were opened to moderate-income rental tenants, providing some much-needed moderate income housing in the South Loop.