
Standard Communities Acquires Affordable Seniors Housing in Lincoln Park, Bolingbrook
Standard Communities, a national affordable housing developer and investor, has led a public-private partnership acquiring two senior 100% affordable communities totaling 466 units in Chicago and its suburbs. The transaction extends and preserves their affordability for 30 years.
Standard acquired the 145-unit Commonwealth Apartments located at 2757 N Pine Grove Avenue in Chicago’s Lincoln Park neighborhood, and the 321-unit Greenleaf Apartments at 502 Kildeer Dr., Bolingbrook, IL. Resident amenities include community rooms, libraries, sitting areas, on-site laundry facilities, multiple elevators, ground floor retail and hair salon, healthcare and convenience stores within walking distance.
The acquisitions have a combined total capitalization of $192 million, including $46 million in planned renovations of the two communities.
Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the US Department of Housing and Urban Development utilizing low-income housing tax credits and long-term Housing Assistance Payments contracts.
- ◦Sale/Acquisition