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.
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.
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