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 Avenue 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.
"Safe, comfortable affordable housing should be within reach for all, regardless of age or income," said Thomas Marro, Director of Acquisition Redevelopment at Standard Communities. "For seniors living on fixed incomes, it is increasingly difficult to afford quality homes. With our investment in Commonwealth and Greenleaf Apartments, we protect and preserve a critical housing resource for Chicago’s seniors.”
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.
“We are pleased to partner with IHDA and HUD on preserving and extending the affordability of these senior communities. With 466 affordable homes for seniors, Commonwealth and Greenleaf Apartments will continue to provide a haven for residents to age in place with dignity in a comfortable and engaging living environment,” said Robert Koerner, Chicago-based Chief Investment Officer at Standard Communities.
Last month Standard acquired the 100% affordable 371-unit Bryn Mawr Belle Shore Apartments in Chicago’s Edgewater Beach neighborhood along Lake Michigan.
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.
Based in Los Angeles and New York, Standard Communities has a national portfolio of over 18,600 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.