Standard Communities, a major national affordable housing developer and investor, has led a public-private partnership acquiring Huntington Towers, a 100% senior affordable 214-unit community in Mount Prospect, Illinois. The transaction extends and preserves affordability for 30 years.
The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations.
Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development.
Located at 551-571 West Huntington Commons Road in Mount Prospect, Illinois, about 20 miles northwest of Chicago, Huntington Towers was built in 1978.
Standard, with more than 2,400 units in Chicago and its surrounding suburbs, including Bolingbrook, Danville, East Moline, Elgin, Glen Ellyn, Moline and Mount Prospect, has been upgrading and preserving affordable senior and family housing in the area for more than 15 years.
Renovations at Huntington Towers will include new flooring, kitchen cabinet hardware and solid surface countertops, new ranges, refrigerators and microwaves. Also new toilets, plumbing and grab bars. Light fixtures will be replaced. Hallways will be painted and new carpeting installed. Resident amenities will be enhanced by adding a fitness center and a business center. The exterior will be repaired and a picnic area expanded. A new rooftop solar system will be installed that will produce over 233 MWh of energy annually, reducing the property’s carbon footprint by over 215 tons of CO2 per year. The renovation project will seek Enterprise Green Communities certification which recognizes properties’ holistic approach to green affordable housing.
A resident services coordinator will be added to the staff to assist the residents.
Based in Los Angeles and New York, Standard Communities has a national portfolio of nearly 19,500 apartment units and has completed more than $4.5 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public-private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.