Standard Communities, a national affordable housing developer and investor, has led a public-private partnership acquiring Huntington Towers, a 100 percent affordable 214-unit senior community in Mount Prospect, Illinois. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations. The transaction extends and preserves affordability for 30 years.
“Our partnership with IHDA and HUD enables Standard to elevate and enhance senior housing in Illinois,” said Robert Koerner, Chicago-based CIO of Standard Communities. Renovations at Huntington Towers will include new flooring, plumbing and enhanced amenities. A new rooftop solar system will be installed, and the renovation project will seek Enterprise Green Communities certification.
Located at 551-571 West Huntington Commons Road, about 20 miles northwest of Chicago, Huntington Towers was built in 1978. Standard Communities has a national portfolio of nearly 19,500 apartment units, with more than 2,400 units in Chicago and its surrounding suburbs.