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Chicago & Midwest  + Chicago + Greater Chicagoland + Illinois  + Senior Housing  |  December 6, 2023
Jasmine Kilman
By: Jasmine Kilman

Standard Communities Acquires 214-Unit Senior Living in IL

Standard Communities, a national affordable housing developer and investor, has led a public-private partnership acquiring Huntington Towers, a 100 percent affordable 214-unit senior community in Mount Prospect, Illinois. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations. The transaction extends and preserves affordability for 30 years.

“Our partnership with IHDA and HUD enables Standard to elevate and enhance senior housing in Illinois,” said Robert Koerner, Chicago-based CIO of Standard Communities. Renovations at Huntington Towers will include new flooring, plumbing and enhanced amenities. A new rooftop solar system will be installed, and the renovation project will seek Enterprise Green Communities certification.

Located at 551-571 West Huntington Commons Road, about 20 miles northwest of Chicago, Huntington Towers was built in 1978. Standard Communities has a national portfolio of nearly 19,500 apartment units, with more than 2,400 units in Chicago and its surrounding suburbs.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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