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The Santa Clarita City Council Development Committee asked city staff to examine workforce housing projects in other cities to determine if the housing option is a good fit for Santa Clarita.
Standard Communities Picks Up Virginia Senior Property
The total capitalization for the 597-unit Chesapeake asset was $68 million, including renovation and other costs. Apr072021
Chesapeake Crossing
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.