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Standard Communities has acquired two affordable seniors housing communities in Chicago's Lincoln Park neighborhood and suburban Bolingbrook, IL

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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