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.
The acquisitions have a combined total capitalization of $192 million, including $46 million in planned renovations of the two communities.
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