Standard Real Estate Investments, LP and The Vistria Group, LP acquired Haven on Long Grove, a 416-unit naturally occurring affordable housing residential community in Naperville Township within the Chicago MSA.
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 Haven on Long Grove acquisition exemplifies Standard’s continued expansion from joint venture equity capital allocator to direct real estate owner and operator.
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. Each unit features an open layout with spacious kitchens, large walk-in closets, full size side-by-side washer and dryer, and private balconies. The townhomes offer attached garages and driveways; select townhomes (68) boast private fenced yards.
Haven on Long Grove is within walking distance to top-rated local elementary, middle, and high schools, and several thriving job corridors. Located near green spaces as well as retail and dining options, the area is sought-after by residents looking for more space, a thriving community, and proximity to nationally ranked public schools (Naperville/Aurora district 204 is ranked 36th in the country).
