Standard Communities, the affordable housing division of Standard Cos., has purchased a 597-unit, mixed-income senior asset in Chesapeake, Va. The total capitalization of the deal was roughly $68 million, which includes renovation and other costs. According to Yardi Matrix, Boyd Homes was the seller of the property, dubbed Chesapeake Crossing.
The new owner is planning to implement a $7.5 million capital improvement plan that will upgrade individual units, as well as the amenities, parking and courtyard. The property’s fire and safety systems will also receive an overhaul. NorthMarq brokered the sale o behalf of the buyer.
Located at 1921 Robert Hall Blvd., the nearly 19-acre site is located just off Route 13 and near the interchange of interstates 64 and 464. Central Norfolk, Va., is roughly 7 miles north, while Virginia Beach, Va., is 20 miles northeast. In a recent transaction, Standard picked up The Commons at Princess Anne, a 186-unit senior property in Virginia Beach. The firm is also planning to renovate the asset, with the acquisition and upgrades amounting to some $22 million, according to REBusinessOnline.
Constructed in phases between 1992 and 2005, Chesapeake Crossing offers one- and two-bedroom options across six two- and three-story buildings. Common-area amenities include a clubhouse, fitness and media center. A bus service to retail destinations, as well as on-site resident activities are also available.
The deal brings Standard’s overall Mid-Atlantic region portfolio to 3,000 units, of which 1,500 in Virginia. Last November, the company expanded its California footprint with the purchase of a 61-unit affordable senior asset in Pasadena. The 1920s property known as Villa Raymond Apartments traded for $31.2 million.