Evergreen Real Estate Group has concluded 2025 with an expanded portfolio and a significant presence beyond its Chicago origins, marking a notable shift in the affordable housing landscape. The firm has successfully delivered multiple affordable housing projects in Chicago while establishing operations in Colorado, supported by financing tailored for middle-income renters.
### Expanding Footprint and Workforce
Evergreen’s growth has been remarkable, with the company now employing approximately 576 individuals across more than a dozen states. The establishment of a satellite office in Denver signifies its commitment to the region, where executives report that this location is managing a substantial portion of the company’s new deals. Furthermore, the firm is exploring opportunities in states like Oregon, Utah, and Arizona for future developments.
CEO Steve Rappin shared insights with the Chicago Sun-Times, indicating that the ongoing trade war has not significantly affected operations, contrary to initial concerns. He noted that Evergreen has adopted more stringent underwriting practices while remaining vigilant about fluctuations in interest rates. Under the company’s “Evergreen 3.0” initiative, it aims to complete approximately 20 projects in the coming year.
### Successful Projects in Chicago
In Chicago, Evergreen has wrapped up several key projects in 2025, including the 89-unit Encuentro Square development in Logan Square and the Auburn Gresham Apartments, a new affordable housing complex along 79th Street. Additionally, the Chicago Housing Authority has approved a joint venture between Evergreen Redevelopment and KLEO Enterprises to revitalize the seven-acre Clybourn-Larrabee site, previously part of the Cabrini-Green housing projects.
Evergreen’s project listings reflect a dual focus on completing significant developments in Chicago while also advancing initiatives in Colorado.
### Navigating Economic Challenges
Throughout 2025, many developers nationwide expressed concerns over rising tariffs and labor shortages, which they feared would inflate construction costs. In contrast, Evergreen’s leadership contends that their diversified business model, which encompasses property management, development, and construction, has mitigated these pressures. Rappin emphasized their focus on cautious financial assumptions, stating, “We’ve been really vigilant” and observing “no significant impact” from economic fluctuations.
The company has also leveraged innovative financing structures and partnerships with public agencies, which have played crucial roles in maintaining project viability.
### New Developments in Colorado
In Colorado, Evergreen has secured one of the initial allocations of the Middle-Income Housing Tax Credit for the Park Place Apartments, an 80-unit family-oriented development set to break ground in fall 2026 in Denver’s Sun Valley neighborhood. This development aims to provide three- and four-bedroom units targeting working families, as highlighted by the Colorado Housing and Finance Authority.
### Implications for Affordable Housing in Chicago
Evergreen’s strategic expansion reflects a broader trend among affordable housing developers seeking to optimize subsidies, tax credits, and partnerships to make projects financially feasible. This approach raises important policy considerations for Chicago renters. As private firms continue to extend their reach beyond city limits, questions arise regarding the preservation of deeply affordable housing within the city, especially as companies like Evergreen diversify their projects across state lines.
In summary, Evergreen Real Estate Group’s growth signals a significant shift in the affordable housing market, showcasing the potential for innovative financing and strategic expansion to meet the needs of middle-income renters while navigating economic challenges.
