In conjunction with a $50 million programmatic joint venture, Standard Real Estate Investments and Belay Investment Group have made their first acquisition, securing the 256-unit Martin’s Point property in Lombard, Illinois, according to a press release shared with Multifamily Dive.
“We are very bullish on this Chicago submarket as it boasts relative affordability compared with other major markets across the country, offers a vast range of job opportunities at all skill levels and has the ongoing need for attainable housing,” Robert Jue, CEO of Standard, told Multifamily Dive in emailed comments. “These factors create a multifamily investment landscape poised to deliver steady, long-term returns driven by resilient and stable demand.”
Standard, with offices in Los Angeles and Washington, D.C, and Los Angeles-based Belay, an institutional investment management firm focused on investing in small-cap real estate, will target middle-market value-add multifamily investment opportunities in the Midwest. The firms had previously coordinated on development projects in Indianapolis and Brooklyn, New York.
“Our partnership with Belay accelerates our productivity in the acquisition of midwestern middle market multifamily communities – an investment strategy where we have high conviction,” Jue said.
Martin’s Point, a garden-style property that sits on 13 acres and features 17 buildings with a clubhouse and maintenance shop,aligns with JV’s objectives . The new owners plan renovations to residences and common areas of the apartment community, which was built in 1989.
“We believe Martin’s Point represents an ideal fit to seed our new Midwest-focused value-add multifamily investment program given its prime location, strong in-place occupancy, accretive financing, and solid fundamentals,” Eliza Bailey, co-founder, CEO and chief investment officer of Belay Investment Group, said in the release.
The pet-friendly property’s floor plans include a mix of one- and two-bedroom configurations with private patios. Amenities include a resort-style outdoor pool and sundeck; an al fresco grilling center with a covered dining area; a clubhouse with a co-working lounge; a fitness center with cardio and strength training equipment; and a game room.
Martin’s Point provides access to highly rated school districts and 450 acres of parks and green spaces with convenient connectivity to downtown Chicago and the city’s northern and southern suburbs.
With the acquisition of Martin’s Point, Standard has made three significant investments in suburban Chicago, bringing the firm’s holdings to 1,092 units in the area.
Last October, the firm, along with Chicago-based The Vistria Group, paid $93.2 million for Fox Valley Villages, a 420-unit community in the Naperville/Aurora submarket.
In general, Jue said Standard was interested in opportunities where it could get “a little bit of positive yield going into the deals, and then being able to grow as upside,” he told Multifamily Dive last year.
“Housing affordability issues continue to be a big issue everywhere,” Jue said last year. “So, we continue to see good prospects for rent growth.”
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