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, IL.
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.
“Every development in which Standard invests revives and strengthens neighborhoods and provides new opportunities for residents to live affordably, providing a pathway to prosperity and a high-quality place to call home,” said Scott Alter, Co-Founder and Principal of Standard Communities.
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.
“Our innovative financial structuring and strong partnerships are important in creating and preserving affordable housing in high-cost and high-opportunity locations like Chicago,” said Joon Lee, Managing Director at Standard Communities.
“I look forward to working with Standard Communities to revitalize the historic Bryn Mawr corridor in Edgewater. Their leadership and partnership, alongside my office and the Edgewater Chamber of Commerce, is a positive step as we work towards a safer, more engaging Bryn Mawr,” said Chicago 48th Ward Alderman Harry Osterman.
Based in Los Angeles and New York, Standard Communities has a national portfolio of over 18,000 apartment units and has completed more than $4 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.