Standard Communities has acquired Chesapeake Crossing, a 597-unit mixed-income senior community in Chesapeake, Va., for $68 million. The seller was not disclosed.
Standard will undertake a $7.5 million renovation that includes modernization upgrades to individual units, common areas, parking, leasing office and courtyards.
“Standard’s investment in Starling Village is part of our commitment to revitalize neighborhoods,” said Scott Alter, principal and cofounder of Standard Communities.
With this acquisition, Standard has acquired more than 3,000 units in the mid-Atlantic region, including approximately 1,500 in Virginia.
