Standard Communities, the affordable housing division of Standard Companies, has acquired Chesapeake Crossing, a 597-unit mixed-income senior community in Chesapeake, VA. The total capitalization rate is $68 million.
Standard is rebranding the property, located at 1921 Robert Hall Boulevard in Chesapeake, Starling Village. Standard will undertake a $7.5 million renovation that includes modernization upgrades to individual units, common areas, parking, leasing office and courtyards, as well as the fire and safety systems to enhance Starling Village’s safety and quality of life.
“With this acquisition, Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia. We look forward to further expansion in Virginia and achieving positive, lasting impacts in the communities we serve,” said Scott Alter, Principal and Co-Founder of Standard Communities.
“Standard’s investment in Starling Village is part of our commitment to revitalize neighborhoods.”
Standard’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit senior community in Virginia Beach.
“Starling Village continues our strategic investments in the Tidewater region and our commitment to providing stable communities to seniors,” said Matt Sislen, Managing Director – East Coast Production for Standard Communities.
Standard worked with NorthMarq in coordinating this transaction.
Based in Los Angeles and New York, Standard Companies has a portfolio of over 14,700 apartment units, including approximately 11,000 affordable units, and has completed more than $2.6 billion of affordable housing acquisitions and rehabilitations nationwide. The affordable housing division of Standard Companies is Standard Communities.