Standard Communities, a major national affordable housing developer and investor, has led a public-private partnership that acquired a 371-unit 100% affordable housing community in Chicago.
The total capitalization of the acquisition is approximately $46 million.
Standard acquired Bryn Mawr Belle Shore Apartments, two mid-rise buildings with studio and one-bedroom apartments and 15,000 square feet of retail space, in the Edgewater Beach neighborhood of Chicago along Lake Michigan.
Both buildings feature historic elegant lobbies and attractive terra cotta and brick Art Deco exteriors which Standard plans to preserve for the residents of the communities to enjoy. Planned improvements include new common area lighting, refurbished common areas and amenities–carpeting and paint and facade maintenance–and renovated management offices.
Standard intends filling the vacant retail space with quality commercial tenants that will re-invigorate the West Bryn Mawr Avenue corridor.
Bryn Mawr Belle Shore Apartments are located at 1052-1070 W Bryn Mawr Avenue, steps from the Bryn Mawr CTA Redline train, providing residents with easy access to downtown.
Standard Communities completed this transaction in partnership with the Illinois Housing Development Authority, Chicago Housing Authority, the City of Chicago Department of Housing and the US Department of Housing and Urban Development.
