Standard Real Estate Investments acquired Martin's Point, a 256-unit, garden-style apartment community in Lombard, Illinois, as a part of a joint venture targeting value-add multifamily investment opportunities in the Midwest.
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An affiliate of Standard paid $61M for the property, borrowing $43M from Prudential as part of the deal, according to property records. The deal marks the start of an expanded partnership between Standard and Belay Investment Group, Standard stated in a release.
"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," Standard CEO Robert Jue said in a statement.
The property spans 13 acres and includes 17 buildings, a clubhouse and a maintenance shop. Floor plans are a mix of one- and two-bedroom options.
The community features an outdoor pool, a grilling center, a clubhouse and a fitness center. The venture's planned renovations include enhancements to residences and common areas.
This is the third multifamily investment for Standard in suburban Chicago, bringing the firm’s holdings in the area to 1,092 units.
"We believe Martin’s Point represents an ideal fit to seed our new Midwest-focused value-add multifamily investment program given its prime location, strong in-place occupancy, accretive financing, and solid fundamentals," Belay Investment Group CEO and Chief Investment Officer Eliza Bailey said in a statement.
Chicago suburban multifamily properties have seen an uptick in investor interest in recent months.
Last year, 212 Chicago suburban multifamily properties sold, a 29.3% increase from 2024, according to Interra Realty. Total sales volume rose 7% in the same period, coming in at about $750M in 2025, up from roughly $701M in 2024.
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