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Standard Communities Acquires Senior Housing In Mount Prospect For $75M

Property Image
SOLD
$75,000,000

Illinois

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Senior Housing
Sold 12/08/2023
the dealdetailscomps
Property Image
SOLD

Standard Communities Acquires Senior Housing In Mount Prospect For $75M

551 West Huntington Commons Road & 571 West Huntington Commons Road

See Similar Deals
Senior Housing
Sold 12/08/2023
the dealdetailscomps

Summary

ILLINOIS
Asset Type:Senior Housing
Transaction Type:Sale

Affordable housing developer Standard Communities, along with partners, acquired the 214-unit Huntington Towers in Mount Prospect for just under $75 million. The property, located at 551-571 West Huntington Commons Road, is a senior housing community in the Mount Prospect market. The transaction ensures that the senior living community remains 100% affordable for the next 30 years.

Summary of transaction details

  • Property Type: Senior Housing
  • Transaction Amount: $75,000,000
  • Units: 214
  • Price per Unit: $350,467
  • Address: 551-571 West Huntington Commons Road, Mount Prospect
  • Market: Mount Prospect

The buyer, Standard Communities, partnered with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development to complete the acquisition. The deal also includes over $16 million earmarked for renovations, including the installation of a rooftop solar system to reduce carbon emissions.

Details

SOLD
IMAGE: Scott Alter & Jeffrey Jaeger DATE: 12/08/2023 ADDRESS: 551-571 West Huntington Commons Road MARKET: Mount Prospect ASSET TYPE: Senior Housing BUYER: Standard Communities - Scott Alter & Jeffrey Jaeger; Illinois Housing Development Authority (@IlHousing); U.S. Department of Housing; Urban Development SALE PRICE: $75,000,000 UNITS: 214 ~ PPU: $350,467 NOTE: Affordable housing developer Standard Communities, along with partners, acquired the 214-unit Huntington Towers in Mount Prospect for just under $75 million. The deal ensures the senior living community remains 100% affordable for 30 years, with over $16 million earmarked for renovations, including a rooftop solar system to reduce carbon emissions.

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Operating Expenses (Annual)
Net Operating Income (NOI)

$4,000,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$266,459.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$355,538.26
Annual Debt Service$4,266,459.16