Standard Communities, a major national affordable housing developer and investor, has led a public private partnership acquiring two senior 100% affordable communities totaling 466 units in Chicago and its suburbs. The transaction extends and preserves their affordability for 30 years.
Standard acquired the 145-unit Commonwealth Apartments located at 2757 N. Pine Grove Ave. in Chicago’s Lincoln Park neighborhood, and the 321-unit Greenleaf Apartments at 502 Kildeer Drive, Bolingbrook. Resident amenities include community rooms, libraries, sitting areas, on-site laundry facilities, multiple elevators, ground floor retail and hair salon, healthcare and convenience stores within walking distance.
The acquisitions have a combined total capitalization of $192 million, including $46 million in planned renovations of the two communities.
Renovations will include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces at each community. Amenities to be added at both communities include a walking park, pickleball court, fitness center, business room and enhanced community meeting rooms. Solar panels will be installed on the roofs of Greenleaf Apartments to provide electricity for new electric heating and cooling units to replace less efficient gas boilers and air conditioning units. Standard is financing the Greenleaf energy improvements in partnership with Commonwealth Edison’s Multi-Family Energy Savings Program.
Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the US Department of Housing and Urban Development utilizing low-income housing tax credits and long-term Housing Assistance Payments contracts.
Standard now has more than 2,300 apartment units in its Illinois portfolio. Nationally, Standard now has more than 5,700 senior affordable units in its portfolio.
