(WBBM NEWSRADIO) –A national affordable housing developer says it has acquired more than 450 units of affordable senior housing in the city and suburbs.
Standard Communities says it has acquired the 145-unit Commonwealth Apartments in the Lincoln Park neighborhood on Pine Grove at Diversey and the 321-unit Greenleaf Apartments on Kildeer Drive in Bolingbrook.
The developer said a total of $46 million dollars in renovations are planned for the two complexes including updating kitchens and bathrooms and adding fitness centers, pickleball courts and in the case of the Bolingbrook development-solar panels to provide energy to run new electric heating and cooling equipment.
“For seniors living on fixed incomes, it is increasingly difficult to afford quality homes,” said Thomas Marro, Director of Acquisition Redevelopment at Standard Communities.
“With our investment in Commonwealth and Greenleaf Apartments, we protect and preserve a critical housing resource for Chicago’s seniors.”
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January 19, 2023 at 07:26PM
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