Standard and Vistria acquired the multifamily rental community from Pensam Capital through an off-market transaction arranged by CBRE Multifamily’s John Jeager. The acquisition included the assumption of an existing, fixed-rate Fannie Mae mortgage serviced by M&T Bank.
The 416-unit affordable housing residential community is located within the Chicago MSA. Situated on 34 acres, Haven on Long Grove is a family-oriented workforce housing community comprised of 248 one- and two-bedroom apartments and 168 townhomes.
“This acquisition of a high-quality NOAH residential community in one of Chicago’s major suburbs is emblematic of the strategy for our national direct workforce housing operating platform,” said Jerome Nichols, President of Standard.
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.