National affordable housing developer acquires Mount Prospect senior community

A national affordable housing developer announced Wednesday it has purchased a Mount Prospect senior living community.

Standard Communities has acquired the 214-unit Huntington Towers at 551-571 W. Huntington Commons Road. The acquisition was completed in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, the company said.

The private-public partnership will ensure the units remain 100% affordable, extending and preserving its affordability for the next 30 years, said Robert Koerner, Chicago-based chief investment officer.

Standard now has more than 2,400 units in Illinois with the latest $74.9 million purchase, which includes $16.1 million in planned renovations.

Standard Communities, which serves Chicago, Bolingbrook, Danville, East Moline, Elgin, Glen Ellyn and Moline, has been upgrading and preserving affordable senior and family housing in the area for more than 15 years.

Based in Los Angeles and New York, Standard Communities has a national portfolio of nearly 19,500 apartment units and has completed more than $4.5 billion of affordable housing acquisitions and rehabilitations nationwide.

"The acquisition of Huntington Towers continues our growth in the Chicago metropolitan area, which is a market we strongly believe in and plan to invest in long into the future," said Scott Alter, co-founder and principal at Standard Communities.

Renovations at Huntington will include a new rooftop solar system producing more than 233 MWh of energy annually, reducing the property's carbon footprint by more than 215 tons of CO2 per year, the company said.