Standard Communities Acquires 597-Unit Chesapeake Crossing in Virginia

CHESAPEAKE, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit mixed-income community for seniors in Chesapeake, located near the coast and the North Carolina border.

The total capitalization of the transaction is approximately $68 million, including renovations and other costs. Standard is rebranding the property as Starling Village and plans to make $7.5 million in renovations.

“With this acquisition, Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia,” says Scott Alter, principal and co-founder of Standard Communities. Standard’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit seniors housing community in Virginia Beach.

Standard worked with NorthMarq in coordinating this transaction.