STANDARD COMMUNITIES ACQUIRES, PRESERVES AFFORDABILITY OF 855-UNIT CHICAGO-AREA APARTMENT PORTFOLIO
Standard Communities, the affordable housing division of Standard Companies, is pleased to announce that it has acquired an 855-unit apartment portfolio comprised of six buildings in the Chicago metro area. With this acquisition, the properties are no longer at risk of exiting affordability programs, as the apartments are now preserved as affordable housing, mostly for Seniors, for the long-term. The tax-exempt bond financing arranged for this acquisition was the largest for a single project in Illinois history.
“We are incredibly excited to bring our expertise to this unique opportunity to complete such a large-scale preservation of affordable housing for seniors,” said Scott Alter and Jeffrey Jaeger, co-founders of Standard Companies.
“Expanding and preserving the affordability of this portfolio was important to Standard,” said Robert Koerner, Partner and Head of Midwest operations for Standard Communities. “Utilizing private capital and working with the Illinois Housing Development Authority, the Chicago Housing Authority and the U.S. Department of Housing and Urban Development allowed us to achieve the best possible outcome for current residents and for the communities where these properties will provide much needed, high-quality affordable housing for generations.”
The portfolio includes the following properties:
- Centennial North Apartments in Mount Prospect: 101 units
- Centennial South Apartments in Mount Prospect: 97 units
- Forest Apartments in Glen Ellyn: 80 units
- Maple Pointe Apartments in Chicago: 343 units
- Walsh Park Apartments in Chicago: 134 units
- Wolford Apartments in Danville: 100 units
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