Affordable housing developer and investor Standard Communities has acquired a 214-unit senior living facility in Mount Prospect, Illinois, and will install a new rooftop solar system to produce more than 233 MWh of energy annually.
The company led a public-private partnership to acquire Huntington Towers, a 100% senior affordable community. The transaction extends and preserves affordability for 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations.
In addition to the rooftop solar system, renovations at Huntington Towers will include new flooring, kitchen cabinet hardware and solid surface countertops, new ranges, refrigerators and microwaves. Also new toilets, plumbing and grab bars. Light fixtures will be replaced. Hallways will be painted and new carpeting installed. Resident amenities will be enhanced by adding a fitness center and a business center. The exterior will be repaired and a picnic area expanded.
Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development.
“Our partnership with IHDA and HUD enables Standard to elevate and enhance senior housing in Illinois. By preserving and extending the affordability of this senior community for the next 30 years we ensure a future where our residents thrive in homes that reinforce their independence, community and comfort,” said Robert Koerner, Chicago-based chief investment officer of Standard Communities.
Located about 20 miles northwest of Chicago, Huntington Towers was built in 1978. Standard, with more than 2,400 units in Chicago and its surrounding suburbs, including Bolingbrook, Danville, East Moline, Elgin, Glen Ellyn, Moline and Mount Prospect, has been upgrading and preserving affordable senior and family housing in the area for more than 15 years.
Tags: commercial and industrial, rooftop solar
