CHICAGO and BOLINGBROOK, Ill. — Standard Communities has acquired the 145-unit Commonwealth Apartments in Chicago and 321-unit Greenleaf Apartments in Bolingbrook, both of which are affordable seniors housing communities.
Standard plans to make $46 million in renovations.
Standard led a public-private partnership in the acquisitions. According to Crain’s Chicago Business, Standard paid $110 million for the communities, but the total cost of the deal adds up to $192 million including renovations, fees, reserves and other expenses.
Planned renovations include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces at each property. New amenities will include walking parks, pickleball courts, fitness centers, business rooms and meeting rooms. Greenleaf Apartments will receive solar panels on the roofs.
Standard is financing the energy improvements in partnership with Commonwealth Edison’s Multifamily Energy Savings Program.
Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, utilizing the Low-Income Housing Tax Credit program and long-term Housing Assistance Payments contracts.
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