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West Suburban Chicago Apartments Sell for $94M
Standard Real Estate Investments, a minority-owned national real estate and Chicago-based private investment firm, The Vistria Group, have acquired Haven on Long Grove.
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.
