Standard, Belay Pay $61M for Lombard Apartment Complex

Standard Real Estate Investments is planting another flag in suburban Chicago, teaming up with Belay Investment Group on the purchase of an apartment complex in Lombard.

An affiliate of Los Angeles-based Standard paid $61 million for Martin’s Point, a 256-unit garden-style apartment community at 2101 South Finley Road, marking the first acquisition in what the partners are billing as an expanded Midwest-focused joint venture. Bisnow reported that the buyer financed the deal with a $43 million loan from Prudential, according to property records.

The acquisition equates to $238,281 per apartment.

The purchase adds to Standard’s growing suburban Chicago acquisitions and formalizes a deeper partnership with Los Angeles-based Belay, as both firms look to capitalize on steady renter demand and repositioning opportunities across the region, according to the outlet.

Martin’s Point spans 13 acres and includes 17 buildings alongside a clubhouse and maintenance facility. Units are a mix of one- and two-bedrooms, and the property comes equipped with typical suburban amenities: an outdoor pool, fitness center, grilling areas and shared clubhouse space.

The new ownership is planning upgrades to apartments and common areas. Belay CEO Eliza Bailey called the deal an “ideal fit” to seed the venture, citing the property’s location, occupancy and “accretive financing.”

The acquisition marks Standard’s third multifamily investment in suburban Chicago, bringing its total holdings in the area to 1,092 units, according to the publication. The firm has been steadily scaling in the market: In 2024, it partnered with Vistria Group to buy the 416-unit Haven on Long Grove in Aurora for $94 million, including the assumption of a $46 million Fannie Mae loan. A few months later, the duo picked up the 420-unit Fox Valley Villages Apartments for $93 million, or roughly $221,000 per unit.

The Lombard deal comes amid a broader boost in suburban multifamily sales activity. Investors closed on 212 Chicago-area suburban apartment properties last year, a roughly 29 percent jump from the prior year, according to Interra Realty. Total sales volume also ticked up to about $750 million.

— Eric Weilbacher