Standard Communities, the affordable housing division of Standard Companies, said it has acquired Chesapeake Crossing, a 597-unit mixed-income senior community in Chesapeake, VA. The total capitalization of the transaction is approximately $68 million, the company said in a statement.
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.
