Standard Communities, a leading developer and investor in affordable housing nationwide, has recently completed the acquisition of Huntington Towers. This 100% affordable senior community, located in Mount Prospect, Illinois, was acquired through a public-private partnership with a total capitalization of approximately $74.9 million. As part of this transaction, Standard Communities plans to invest $16.1 million in renovations to improve the property and extend its affordability for 30 years.
According to Robert Koerner, CIO at Standard Communities’ Chicago office: “Our collaboration with IHDA and HUD allows us to elevate and enhance senior housing options in Illinois.” The planned renovations at Huntington Towers will include upgrades such as new flooring and plumbing as well as enhanced amenities for residents. Additionally, the property will be equipped with a new rooftop solar system while also seeking certification from Enterprise Green Communities.
Built in 1978 on West Huntington Commons Road just outside Chicago’s city limits (approximately 20 miles northwest), this latest addition brings Standard Communities’ national portfolio up to nearly 19
