MOUNT PROSPECT, Ill. — Standard Communities has led a public-private partnership in acquiring Huntington Towers, an affordable seniors housing community in Mount Prospect, approximately 20 miles northwest of Chicago.
The community totals 214 units, and the acquisition will preserve its affordability for 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million for planned renovations.
Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development. The property was originally built in 1978.
Renovations at Huntington Towers will include new flooring, kitchen cabinet hardware, solid-surface countertops, ranges, refrigerators, microwaves, 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 picnic area expanded. A new rooftop solar system will be installed that will reduce the property’s carbon footprint by over 215 tons of CO2 per year. The renovation project will seek Enterprise Green Communities certification.
Standard, with more than 2,400 units in Chicago and its surrounding suburbs, has been upgrading and preserving affordable seniors and family housing in the area for more than 15 years.