Standard Real Estate Investments has expanded its strategic partnership with Belay Investment Group, an institutional investment management firm focused on investing in small-cap real estate.
The joint venture will target middle-market value-add multifamily investment opportunities in the US Midwest “with a commitment of $50m through a programmatic joint venture”, the pair said.
Robert Jue, chief executive officer of Standard Real Estate, said: “Belay has a proven track record of success and the firm’s thoughtful approach to investments that can affect positive change in communities nationwide aligns perfectly with our investment philosophy. Our ability to invest in, and manage, multifamily communities is an excellent complement to Belay’s long-standing expertise and we are thrilled to expand our partnership.”
To mark the beginning of the partnership, Standard has completed the acquisition of Martins Point, a 256-unit garden style apartment community in Lombard, IL. Built in 1989, Martin’s Point is located south of Butterfield Road and less than a mile from the I-88/I-355 interchange providing connectivity to Chicagoland’s main east-west corridor, and the retail, dining and entertainment options of Yorktown Center and the Oak Brook Mall. Residents also have convenient commuter connectivity to downtown Chicago via the nearby Lombard Metra train station, just a seven-minute drive from the community.
Eliza Bailey, co-founder, chief executive officer and chief investment officer of Belay Investment Group, said: “Following the successful execution of multifamily development projects in Indianapolis and Brooklyn alongside our valued partners at Standard, Belay is glad to embark upon the next chapter in our strategic relationship. We believe Martin’s Point represents an ideal fit to seed our new Midwest-focused value-add multifamily investment programme given its prime location, strong in-place occupancy, accretive financing, and solid fundamentals.”
This is Standard’s third significant multifamily investment in suburban Chicago bringing the firm’s holdings in the area to 1,092 units.
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