Standard Real Estate Investments is doubling down on the Chicago suburbs, with an affiliate scooping up Martin's Point, a 256-unit garden-style apartment community in Lombard, for $61 million. The deal slots into a Midwest-focused, value-add joint venture with Belay Investment Group that is aimed squarely at upgrading both individual units and shared spaces. Sitting on roughly 13 acres, the complex spans 17 buildings and comes with classic suburban perks like a pool and a fitness center.
According to Bisnow, an affiliate of Standard paid $61 million for Martin's Point and lined up about $43 million in financing from Prudential to close the acquisition. The outlet notes that the community includes a clubhouse and a maintenance shop, and that the joint venture is planning renovations to both residences and common areas. The seller and broker were not identified in the report.
Buyers' Playbook And What They Said
“Our ability to invest in, and manage, multifamily communities complements Belay’s expertise, and we’re thrilled to expand our partnership,” Standard CEO Robert Jue said in a statement. Belay Investment Group CEO Eliza Bailey called Martin's Point “an ideal fit to seed our new Midwest-focused value-add program.”
Bisnow also reported that this marks Standard's third suburban Chicago multifamily investment, bringing the firm's holdings in the area to roughly 1,092 units, based on the companies' comments.
About The Property
The community is marketed as Martin's Point Apartment Homes at 2101 S Finley Road and was built in 1989. Property data lists the complex at 256 units, according to Yardi Matrix. The community's leasing site promotes an outdoor pool, grilling center, clubhouse, and fitness center, and the new owners say they will refresh these amenities as part of planned upgrades, per the property's site.
Why Suburban Chicago Matters
Investors have been shifting attention to suburban multifamily properties as downtown development slows and rents in the suburbs hold steady, and regional data has shown a meaningful pickup in transactions. Reporting on Interra Realty's market data by The Real Deal describes a notable rise in suburban deal activity last year, a trend brokers say is steering capital toward well-located garden-style communities like Martin's Point.
Standard's corporate materials outline a strategy built around programmatic joint ventures and partnerships with operators such as Belay, focusing on buying assets with renovation upside and applying hands-on management. The companies say they expect to work on units and common areas over the next 12 to 24 months as they pursue rent and occupancy gains at Martin's Point.
