Standard Communities, a major national affordable housing developer and investor, has led a public-private partnership acquiring Huntington Towers, a 100% senior affordable 214-unit community in Mount Prospect, Illinois.
The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations.
Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development.
“Our partnership with IHDA and HUD enables Standard to elevate and enhance senior housing in Illinois. By preserving and extending the affordability of this senior community for the next 30 years we ensure a future where our residents thrive in homes that reinforce their independence, community and comfort,” said Robert Koerner, Chicago-based Chief Investment Officer of Standard Communities.
Mr. Koerner leads Standard’s Chicago office, which includes his colleagues from Standard’s Acquisitions and Redevelopment, Asset Management, Compliance, Construction and Portfolio Management units.
Standard, with more than 2,400 units in Chicago and its surrounding suburbs, including Bolingbrook, Danville, East Moline, Elgin, Glen Ellyn, Moline and Mount Prospect, has been upgrading and preserving affordable senior and family housing in the area for more than 15 years.
“The acquisition of Huntington Towers continues our growth in the Chicago Metropolitan Area, which is a market we strongly believe in, and plan to invest in long into the future,” said Scott Alter, Co-Founder and Principal at Standard Communities.
“Huntington Towers will continue to offer homes to seniors in an appealing and engaging living environment,” said Thomas Marro, Vice President of Acquisitions and Redevelopment at Standard Communities. “Access to affordable housing is particularly important to seniors living on fixed incomes, and we are eager to transform and elevate this community,” said Mr. Marro.
Renovations at Huntington Towers will include new flooring, kitchen cabinet hardware and solid surface countertops, new ranges, refrigerators and microwaves. Also new toilets, plumbing and grab bars. Light fixtures will be replaced. Hallways will be painted and new carpeting installed. Resident amenities will be enhanced by adding a fitness center and a business center. The exterior will be repaired and a picnic area expanded. A new rooftop solar system will be installed that will produce over 233 MWh of energy annually, reducing the property’s carbon footprint by over 215 tons of CO2 per year. The renovation project will seek Enterprise Green Communities certification which recognizes properties’ holistic approach to green affordable housing.
A Resident Services Coordinator will be added to the staff to assist the residents.