search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealSL Green, Vornado kick in $100M to extend 280 Park loanSL Green, Vornado kick in $100M to extend 280 Park loanMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loan
Commercial
Chicago

Standard Companies buys affordable senior housing apartments for $30M

The deal for the Centennial Apartments in Mount Prospect follows the firm’s $53M purchase of a Chicago complex

Robert Koerner and 900 Centennial Drive (Credit: Google Maps)
Robert Koerner and 900 Centennial Drive (Credit: Google Maps)

Standard Companies picked up a Mount Prospect apartment complex for $30.2 million, its second recent purchase of an affordable housing development for seniors in the Chicago area.

The Los Angeles-based firm bought the Centennial Apartments, a two-building complex with a total of 197 units at 900 Centennial Drive and 900 East Ardyce Lane, according to Cook County property records.

The seller was Deerfield-based National Preservation Housing Partners, which just sold Standard another senior apartment tower in Chicago’s Gold Coast for $53 million. That property, the Maple Pointe Apartments at 150 West Maple Street, contains 343 one-bedroom units available to renters ages 55 and older who are income-eligible.

Sign Up for the undefined Newsletter

Standard financed the Mount Prospect purchase with a $27.4 million loan from the Illinois Housing Development Authority, county records show.

The company this summer bought a 90-unit market-rate apartment building at 3200 North Clark Street in Lakeview for $53 million, giving it some 1,800 rental units in Illinois.

Elsewhere in Mount Prospect, Monument Capital Management bought a 222-unit apartment complex this summer for $24.1 million, bringing its portfolio in the suburb to 731 homes.

Tags
Affordable HousingCommercial Real EstateSenior Housing