Standard Real Estate Investments, an investment firm with offices in Los Angeles and Washington D.C., closed on the acquisition of Haven on Long Grove, a 416-unit naturally occurring affordable housing community in suburban Chicago. The purchase coincides with their launch of a national workforce housing operating platform and brings the firm’s assets under management to approximately $300 million.” Chicago based investment manager The Vistria Group partnered on the transaction.

Standard operates nationally, across property sectors and risk profiles with unique expertise in development-focused investments. The 100% minority owned and controlled firm focuses on the acquisition and development of middle-income multifamily, development of mid-sized industrial warehouses, and development of socially linked, mixed-use properties in underinvested neighborhoods.

Other ongoing projects include a 244-unit ground-up apartment complex in Indianapolis, IN, a 19-story, mixed-use tower with 107 apartment units and 30,000 SF of commercial space in Brooklyn, NY, and a 217,000 SF Class A industrial development located two miles north of the I-55 in Woodridge, IL.

The firm views the Haven on Long Grove acquisition as an important step towards preserving access to workforce housing across the nation. “We continue to seek opportunities to improve housing affordability and resident experience, while providing our investor clients access to well positioned institutional quality assets,” commented President Jerome Nichols.