Standard Companies acquired a Gold Coast senior apartment tower for $53 million.
Through its Standard Communities affordable housing arm, the Los Angeles-based firm picked up the Maple Pointe Apartments building at 150 West Maple Street from Deerfield-based National Preservation Housing Partners, according to Cook County property records.
Maple Pointe Apartments has 343 units for renters who are ages 55 and income-eligible. The building, made up entirely of one-bedroom units, currently has no availability, according to apartments.com.
A mortgage has not been recorded for the deal, but a financial statement shows Citibank helped finance the purchase for an undisclosed amount.
The deal comes as Chicago officials push for more affordable housing in the city — and developers have taken notice. Voters in three Chicago wards voted Tuesday to lift the statewide ban on rent control.
Last month, California-based Avanath Capital Management spent $72 million to acquire two affordable multifamily buildings, one in Willowbrook and one on the South Side.
In September, Related Companies bought a 152-unit affordable housing complex in Uptown for $29.5 million.
Standard Companies 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.Recommend0 recommendationsPublished in