Standard Communities has acquired Huntington Towers, a 214-unit fully affordable age-restricted community in Mount Prospect, Ill., a suburb of Chicago. The transaction’s total capitalization is approximately $74.9 million, including $16.1 million in planned renovations. The deal extends and preserves the property’s affordability for 30 years.
The seller was A & R Katz and the asset changed hands for $45 million, Yardi Matrix data shows. The sale involved two loans from the Illinois Housing Development Authority totaling $41.2 million, according to the same source.
Completed in 1978, the six-story community comprises studio, one- and two-bedroom floorplans ranging from 580 to 750 square feet. Renovations are slated to include upgrades to interiors, as well as expansion of resident amenities with a new fitness center and business center and the installation of a rooftop solar system. Current facilities include four laundry rooms, a swimming pool, a picnic area and tennis courts.
Located at 571 W. Huntington Commons Road, Huntington Towers is roughly 23 miles from Chicago. It is also some 10 miles from the O’Hare International Airport and adjacent to the Golf Plaza shopping center.
Investing in affordable properties
Standard Communities operates a portfolio of nearly 19,500 units nationwide, of which more than 2,400 are in the Chicago Metropolitan Area. Recently, the firm acquired a six-property portfolio in Los Angeles, in a transaction with a total capitalization of $122 million, preserving the communities’ Section 8 affordability and extending it for 20 years.
Multifamily transactions in Chicago have slowed down considerably in 2023, the metro registering $1.3 billion in total investment volume year-to-date through July, which represents a $38.2 percent year-over-year decrease, according to a recent Yardi Matrix report. Per-unit prices did however see a 11.6 percent uptick, reaching $208,239—12.6 percent above the national average.
