Standard Communities Acquires Affordable Seniors Housing Property in Chesapeake, Virginia
CHESAPEAKE, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit, mixed-income seniors housing community in Chesapeake. The property is located at 1921 Robert Hall Blvd., near the coast and the North Carolina border. Standard worked with NorthMarq in coordinating this transaction. The total capitalization was about $68 million, which includes renovation and other costs. The seller was not disclosed.
Standard is rebranding the property as Starling Village and plans to invest $7.5 millions in renovations that include modernization upgrades to individual units, common areas, parking, leasing office and courtyards, as well as the fire and safety systems.
Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia, according to Scott Alter, principal and co-founder of Standard Communities. The firm’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit seniors housing community in Virginia Beach.