Standard Communities announced the acquisition of two affordable seniors housing communities in Chicago, Illinois. Built in 1926, Commonwealth Apartments comprises 145 units in the Lincoln Park area of Chicago. The other affordable seniors housing community is Greenleaf Apartments, which was built in 1981 and comprises 321 units in three stories. Community amenities include community rooms, libraries, sitting areas, on-site laundry facilities, multiple elevators, ground floor retail and hair salon, plus healthcare and convenience stores within walking distance.
The two acquisitions have a combined total capitalization of $146 million, excluding $46 million in planned renovations for the two communities. 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.
