An affordable housing developer has acquired a senior living complex in Mount Prospect.
Standard Communities, in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, paid just shy of $75 million for the 214-unit Huntington Towers at 551 to 571 West Huntington Commons Road, in the suburb northwest of Chicago, the Daily Herald reported.
The deal ensures that all units within the senior living community will remain 100 percent affordable for the next 30 years.
Standard Communities has a portfolio of over 2,400 units in Illinois, including this latest acquisition. The firm has over $16 million earmarked for renovations.
Standard Communities has been actively upgrading and preserving affordable senior and family housing in the Chicago metropolitan area for over 15 years. It has worked in Chicago suburbs such as Elgin and Bolingbrook.
The Los Angeles and New York-based developer’s national portfolio comprises 19,500 multifamily units, a cumulative investment of over $4.5 billion in affordable housing acquisitions and rehabilitations across the country.
“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, the firm’s co-founder and principal.
Standard Communities’ renovation plans for the site include adding a rooftop solar system, which is expected to produce more than 233 megawatt hours of energy per year. The change is projected to eliminate 215 tons of carbon dioxide per year, the outlet reported.
—Quinn Donoghue