Standard Companies buys affordable senior housing apartments for $30M

Robert Koerner and 900 Centennial Drive (Credit: Google Maps)

Standard Companies picked up a Mount Prospect apartment complex for $30.2 million, its second recent purchase of an affordable housing development for seniors in the Chicago area.

The Los Angeles-based firm bought the Centennial Apartments, a two-building complex with a total of 197 units at 900 Centennial Drive and 900 East Ardyce Lane, according to Cook County property records.

The seller was Deerfield-based National Preservation Housing Partners, which just sold Standard another senior apartment tower in Chicago’s Gold Coast for $53 million. That property, the Maple Pointe Apartments at 150 West Maple Street, contains 343 one-bedroom units available to renters ages 55 and older who are income-eligible.

Standard financed the Mount Prospect purchase with a $27.4 million loan from the Illinois Housing Development Authority, county records show.

The company this summer bought a 90-unit market-rate apartment building at 3200 North Clark Street in Lakeview for $53 million, giving it some 1,800 rental units in Illinois.

Elsewhere in Mount Prospect, Monument Capital Management bought a 222-unit apartment complex this summer for $24.1 million, bringing its portfolio in the suburb to 731 homes.

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