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Standard Communities Acquires 597-unit Community in Virginia for $68M

CHESAPEAKE, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit mixed-income community for seniors in Chesapeake, located near the coast and the North Carolina border.

The total capitalization of the transaction is approximately $68 million. Standard is rebranding the property as Starling Village and plans to make $7.5 million in renovations.

“With this acquisition, Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia,” says Scott Alter, principal and co-founder of Standard Communities. Standard’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit seniors housing community in Virginia Beach.

Standard worked with NorthMarq in coordinating this transaction.

The post Standard Communities Acquires 597-unit Community in Virginia for $68M appeared first on Seniors Housing Business.

Source: Senior Housing Business

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