Washington DC CRE News In Your Inbox.

Sign up for Connect Daily to stay informed and save time. Connect Daily is our email publication that provides you with the latest and most relevant CRE stories of the day all in 150 words or less.

Sub Markets

Property Sectors

Topics

Washington DC  + Senior Housing  | 

Standard Communities Acquires 597-Unit Senior Housing Community in Chesapeake

Standard Communities, the affordable housing division of Standard Companies, has acquired Chesapeake Crossing, a 597-unit mixed-income senior community in Chesapeake, VA. The total capitalization of the transaction is approximately $68 million.

Standard is rebranding the property, located at 1921 Robert Hall Boulevard in Chesapeake, Starling Village. Standard will undertake a $7.5 million renovation that includes modernization upgrades to individual units, common areas, parking, leasing office and courtyards, as well as the fire and safety systems.

“With this acquisition, Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia. We look forward to further expansion in Virginia and achieving positive, lasting impacts in the communities we serve,” said Scott Alter, principal and Co-Founder at Standard Communities. “Standard’s investment in Starling Village is part of our commitment to revitalize neighborhoods,” added Mr. Alter. Standard’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit senior community in Virginia Beach.

Connect

Inside The Story

connect with Standard Communities’ Alter

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Acquisition
KeyBank-06a-cube