Chesapeake, VA–Standard Communities, the affordable housing division of Standard Companies, has acquired Chesapeake Crossing, a 597-unit mixed-income senior community in Chesapeake, VA. The total capitalization of this deal is approximately $68 million.

Located at 1921 Robert Hall Boulevard in Chesapeake, Standard is rebranding the property Starling Village. The five-phased property will feature a $7.5 million renovation that includes modernization upgrades to individual units, common areas, parking, leasing center, and courtyards. An additional aspect of the renovation will emphasize fire and safety systems to enhance Starling Village safety and quality of life.

“Our investment in the Starling Village is part of our broader commitment to continuously work to revitalize neighborhoods by improving social and economic mobility of our residents,” said Scott Alter, Principal and Co-Founder of Standard Communities. “With this acquisition, Standard has acquired over 3,000 units in the Mid-Atlantic, including approximately 1,500 in Virginia, and we look forward to further expansion in Virginia and creating lasting, positive impacts in the communities we serve,” added Mr. Alter.

Standard’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit senior community in Virginia Beach. “This acquisition continues our strategic investment into the Tidewater region and our commitment to providing stable communities to seniors,” said Matt Sislen, Managing Director – East Coast Production for Standard Communities.

Standard worked with NorthMarq in coordinating this transaction.

Based in Los Angeles and New York, Standard Companies has a portfolio of over 14,700 apartment units, including approximately 11,000 affordable units, and has completed more than

$2.6 billion of affordable housing acquisitions and rehabilitations nationwide. The affordable housing division of Standard Companies is Standard Communities, which strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.

Additional Coverage: