Standard Real Estate Investments and Trammell Crow Company (TCC), have closed on the sale of the Woodridge Industrial Center in Woodridge, Illinois.

Standard made an equity investment through its $150 million investment vehicle last year, and construction was completed in July 2024. This is the first sale in the investment vehicle. Harris Architects was the architect of record, FCL was the general contractor, and SpaceCo served as the civil engineer on the Woodridge Industrial Center.

Located at 8110 Lemont Rd., the 217,000-square-foot facility is located on a 17-acre parcel in the Village of Woodridge. The new development includes 22 dock doors with 130-foot truck courts, a single-load, 291-foot deep building and 270 parking spaces.

“The record-setting rent growth and growing demand for modern Class A industrial space made the project appealing to investors seeking in-fill core assets,” said Josh Udelhofen, Senior Vice President with TCC Chicago.

Standard Communities headed a group of partners that picked up a 100% affordable multifamily project in Shelby, NC. The company paid $16.4 million for the Laurel Hill Apartments at 1526 Eaves Road in Cleveland County.

Funding for the Laurel Hill transaction included Low-Income Housing Tax Credits secured through the North Carolina Housing Finance Agency. Fannie Mae and Regions Bank also provided financing. The public-private partnership also included HUD. 

Standard’s Tommy Attridge added, “Standard will significantly renovate Laurel Hill Apartments at a cost of $100,000 per unit, with a very comprehensive rehab including addressing deferred maintenance and updating features in the units and amenities for residents.”

Built in 1974, Laurel Hill has 100 units ranging in size from one to three bedrooms. 

Laurel Hill is Standard’s sixth investment in the Carolinas, bringing its portfolio in North and South Carolina to 840 units.

Urban Standard Capital recently closed a $7.95 million, 18-month, non-recourse construction completion loan for a Class A mixed-use rental property in Durham, NC. 

At completion, the borrower, Abranova Real Estate, will deliver 48,000 square feet of 37 residential units, 5,000 square feet of co-working space, and 1,500 square feet of retail space. Property renters will also have access to the basketball court, dog park and walking paths at the borrower’s recently completed and neighboring townhome project.

“The amenity sharing between the borrower’s two projects provides 555 Abranova with the same comforts as the 200+ unit comparable properties while retaining a quiet, private, boutique feel because it’s only 37-units,” added Urban Standard’s Vishal Hotchandani.

Site work is complete. Framing has begun and the property will attain a Certificate of Occupancy in  the fourth quarter of 2024 or first quarter of 2025.