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Deal Profile: Commonwealth & Greenleaf
Standard acquired the 145-unit Commonwealth Apartments
in Chicago’s Lincoln Park neighborhood, and the 321-unit
Greenleaf Apartments in Bolingbrook, IL.
The acquisitions have a combined total capitalization of $192
million, including $46 million in planned renovations of the two
communities.
Renovations include updated kitchens and bathrooms, new
energy-efficient appliances, flooring, and communal spaces
at each community.
Amenities were added to both communities, including a
walking park, pickleball court, fitness center, business room
and enhanced community meeting rooms.
Solar panels are installed on the roofs of Greenleaf
Apartments to generate additional electricity and offset the
new electrified heating units that will replace inefficient gas
boilers and old air conditioning units.
Standard completed the acquisition in partnership with the
Illinois Housing Development Authority (IHDA) and the US
Department of Housing and Urban Development (HUD)
utilizing low-income housing tax credits and long-term Housing
Assistance Payments contracts.
Commonwealth Apartments
Greenleaf Apartments
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