Chesapeake senior community acquired for $57.75M
Standard Communities buys Chesapeake Crossing
Chesapeake Crossing, a 597-unit mixed-income senior housing community in Chesapeake, has been purchased by Los Angeles-based Standard Communities, the affordable housing division of Standard Companies.
According to Wink Ewing, managing director of investment sales for NorthMarq, Chesapeake Crossing sold for $57.75 million.
The total capitalization of the transaction was approximately $68 million.
Located at 1921 Robert Hall Boulevard, Chesapeake Crossing will undergo a $7.5 million renovation that includes modernization upgrades to individual units, common areas, parking, the leasing office and courtyards.
With this acquisition, Standard has acquired over 3,000 units in the mid-Atlantic region, including approximately 1,500 in Virginia.
Ewing and Mike Marshall of NorthMarq represented the seller, Virginia Beach-based Boyd Homes.