Standard Communities, a leading national affordable multifamily housing investor and developer, has established three new, diversified business lines to build on its success of providing high-quality, healthy, environmentally sustainable housing.

The three dedicated business lines—Acquisition/Redevelopment, New Construction and Essential Housing—will leverage and align the strengths and diversity of Standard’s staff and enable them to execute faster and more efficiently.

“With our national geographic reach and ambitious vision for the future, it is important that our structure allows us to stay nimble and responsive to opportunities. Each team is narrow in focus and deep in expertise. We believe high quality affordable housing is a pathway to prosperity and that our investment approach will allow us to expand our reach and leverage our existing infrastructure to have a greater impact on those with the greatest need,” said Scott Alter, Co-Founder and Principal of Standard Communities, who described the leadership and mission of the new business lines:

·         Acquisition/Redevelopment: Led by Chief Investment Officer Robert Koerner, this division is focused on the acquisition and redevelopment of at-risk Project Based Section 8 communities and other strategic Low Income Housing Tax Credit (LIHTC) redevelopment opportunities involving non-Project Based Section 8 communities.

·         New Construction: Headed by Chief Development Officer Feras Qumseya, this segment will engage the existing development pipeline and focus on building out a national 4% LIHTC New Construction platform.

·         Essential Housing: Led by Managing Director of Essential Housing Chris Cruz, this unit is focused on innovative ways to create and preserve affordable and workforce housing communities without utilizing new LIHTC syndication.

“This strategy is a continuation of many core elements that have made Standard what is it today, including our commitment to quality, speed and flexibility. We believe the refinement of our structure builds upon the entrepreneurial spirit that has been our fuel for success, while fostering accelerated growth and ensuring we continue to be a Great Place to Work certified company,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities.

This year Standard Communities has grown its staff by more than 20% and acquired eight new communities, adding nearly 1,200 units. By year-end, Standard expects to acquire over 40 new communities, adding more than 5,600 units, bringing its portfolio to nearly 20,000 units across the country.

With headquarters in New York and Los Angeles, Standard has a national portfolio of over 14,600 apartment units and has completed more than $3.8 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.

Standard Communities, a leading national multifamily housing investor and developer, has announced its first ground up development, a Class A+ multifamily project in Savannah, GA, called The Line.

The project is capitalized at approximately $60 million.

The Line will fit seamlessly into the old-meets-new atmosphere in downtown Savannah. An existing building, located at 601 East Liberty Street was constructed in 1926 by Atlantic Coast Line Rail Road and used as their general offices until 1988. This will be transformed into 32 apartment homes, with a newly constructed adjacent building offering 187 apartments. Standard’s primary goal will be to maintain the integrity of the property’s original structure while combining the benefits and amenities of a new construction, modern apartment community.

“Our investment in Savannah is consistent with Standard’s track record in reviving urban areas throughout the United States by creating appealing communities,” said Scott Alter, Co-Founder and Principal of Standard Communities. “This is Standard’s first ground up development in the United States, making it especially noteworthy,” said Mr. Alter.

“There is a strong demand for rental housing in downtown Savannah,” said Tommy Attridge, Standard’s Director of Southeast Production. “The Line Apartments is in a highly desirable location, near the heart of downtown Savannah. This is a unique opportunity for Standard and we are excited to create housing with a scale and amenities consistent with the vibrancy of the city.”

“Our development will transform an underutilized parcel in downtown Savannah into an attractive residential community well suited to the context of the area,” said Mr. Attridge. “This appealing and cohesive project will enhance the streetscape of this section of Savannah and create an exciting live, work, play destination,” he said.

Construction of the Line Apartments is expected to be completed in 2024. The community will consist of studio, one-bedroom, and two-bedroom apartments.

The Line will feature a full upscale amenity package, including a co-working space with two conference rooms, lounge with ping pong and billiards, and a terrace level with a pool, sundeck, fitness center and yoga room, and grill area. The project will also include onsite parking, a clubroom with views of Downtown Savannah and the Savannah River.

“It was a pleasure to work with the Standard Communities team. From start to finish, all groups involved worked effortlessly to make the transaction as seamless as possible. We’re very excited to see the finished project,” said Taylor Williams, Managing Director of Capital Markets at Walker & Dunlop.

Based in New York and Los Angeles, Standard has a national portfolio of over 14,100 apartment units and has completed more than $3.8 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.

Standard Communities, a major affordable housing investor and developer, has led a public-private partnership to acquire three affordable senior mixed-income housing communities totaling 559 rental units in California.

The total capitalization of the three-property portfolio is over $195 million, including more than $19 million in renovations.

Standard Communities acquired:

·         Heritage Village Anaheim: 196 units on 5.10 acres at 707 West Santa Ana Street in Anaheim

·         Heritage Park Escondido: 196 units on 4.95 acres at 549 East Valley Parkway in Escondido

·         Heritage Park Livermore: 167 units on 8.17 acres at 1089 Bluebell Drive in Livermore

“We believe housing is a pathway to human prosperity. We’re preserving and expanding affordable housing in some of the areas that need it most in California,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities. “Seniors are the fastest-growing population in California and Standard Communities is proud to be a part of the solution to meet their increasing demand for quality affordable rental housing.”

“In the city of Livermore for example, almost 20% of the population are seniors and 24%of them are renters. The average price of a home in Livermore is over $1 million, which has increased nearly 30% year over year. It’s important to Standard to provide affordable housing options for seniors. Our investments help to strengthen the economic and social fabric of communities,” said Joon Lee, Standard’s Managing Director of Strategic Capital.

Standard’s improvements at the three Heritage communities will consist of plumbing, HVAC electrical, fire safety and security upgrades, roof, door and window repair or replacement and re-painting of buildings. Common areas and amenities will be renovated and upgraded, and units will receive new kitchen cabinets with energy-efficient appliances, bathroom renovations and new flooring.

“We are excited to add these properties to our rapidly expanding Essential Housing portfolio and will continue to look for affordable housing preservation and conversion opportunities nationwide,” said Chris Cruz, Managing Director of Essential Housing at Standard Communities.

“Our team is focused on innovative ways to create and preserve affordable housing units outside of the federal LIHTC program. There is extraordinary demand for this asset class from first-class institutional investors, and Standard Communities is proud to be a steward of capital for those seeking exposure to the affordable housing arena,” added Mr. Cruz.

Standard Communities completed the Heritage transaction in partnership with the non-profit Housing on Merit and an institutional joint venture equity partner.

In the last 12 months, Standard’s Essential Housing group has helped facilitate the conversion of over 1,750 units in California and is expanding its efforts nationwide, with a focus on coastal markets and the mountain regions.

Based in Los Angeles and New York, Standard has a national portfolio of over 14,100 apartment units and has completed more than $3.8 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.

Standard Communities, a leading affordable housing investor and developer, has led a public-private partnership that acquired Millennium South Bay Apartments, a 230-unit community in Hawthorne, CA, utilizing California's innovative public-private partnership structure designed to facilitate the creation of middle-income housing.

Standard collaborated with Faring, CSCDA Community Improvement Authority and the City of Hawthorne on this acquisition.

The purchase price of this transaction is approximately $140 million. As part of the project capitalization, at closing the owners set aside $17.5 million in cash reserves to support the successful long-term operation and physical condition of the community.

In August, Standard Communities and Faring announced a joint venture, Standard-Faring Essential Housing, to create over $2 billion of “missing-middle” housing throughout California through both ground-up development and the acquisition and conversion of existing market-rate properties.

Millennium South Bay is the fifth middle-income housing transaction by Standard-Faring Essential Housing. These transactions have collectively created over 1,200 middle-income units, including the 349-unit Monterey Station Apartments in Pomona, CA, acquired in December.

Employing tax-exempt bond financing, CSCDA can acquire multifamily projects to provide much-needed housing for the middle-income and essential workers throughout California. CSCDA, upon taking ownership, works with Standard Communities as Project Administrator to immediately lower rents for new residents who qualify with incomes between 80% and 120% of the Area Median Income (AMI).

“This public-private Partnership to create workforce housing will ensure that middle-income families and essential workers can afford to live in a high-quality transit-oriented and mixed-use property, close to their work and many neighborhood amenities. Two-thirds of the units are reserved to those making below $82,000 a year, with one-third reserved for those making at or below $66,000 a year,” said Chris Cruz, Standard Communities’ Managing Director of Essential Housing.

Millennium South Bay Apartments, a fully amenitized community located at 12530 Crenshaw Boulevard in Hawthorne, is a mixed-use development of 230 studio, one- and two-bedroom apartments. Built in 2021, the five-story community sits on 2.5 acres and features ground-floor restaurant and retail space. The transit-oriented middle-income community is located only two blocks from the Metro’s Green Line Crenshaw Station and its amenities include a luxury pool deck, dedicated coworking spaces, a state-of-the-art fitness center, a social lounge and resident bar, and outdoor courtyards.

Millennium South Bay is LEED Gold certified and has a solar array producing 250,000kWh per year, offsetting roughly 195 tons of carbon dioxide, which is equivalent to 445,000 miles driven by an average car per year.

“The average single-family home in Hawthorne costs over $900,000, but the average salary for teachers, firefighters, police officers and other essential workers is below $70,000. Creating this transit-oriented and mixed-use community for middle-income essential workers will have a huge benefit for the City of Hawthorne,” said Jeff Jaeger, Los Angeles-based Co-Founder and Principal of Standard Communities.

“Fifty-five percent of renters in Hawthorne spend a third or more of their income on housing. Faring is pleased to partner with Standard Communities, the CSCDA, and the city of Hawthorne to make luxury living more affordable to essential workers and middle-income families,” said Jason Illoulain, CEO of Faring.  

Based in New York and Los Angeles, Standard Communities has a national portfolio of approx.  13,500 apartment units and has completed more than $3.6 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.

Based in West Hollywood, California, Faring manages projects spanning multifamily, office, retail, hotel, medical office, and self storage properties. Faring is fully integrated and highly diversified with deep experience in development, acquisitions, construction management, and finance.

Standard Communities, a leading affordable housing investor and developer, has acquired controlling ownership interest in Riverstone Apartments, a 103-unit senior affordable community in Pawtucket, Rhode Island.

This acquisition brings Standard’s affordable portfolio in Rhode Island to over 500 units, including Charles Place Apartments, Colony House Apartments and Curtis Arms Apartments all in Providence.

“New England is an important affordable housing market for Standard, given the region’s harsh winters and high cost of living.  We have found tremendous success over the years working in Rhode Island, particularly with Rhode Island Housing, a trusted partner.  We are eager to continue our commitment to preserving much needed quality affordable housing in Rhode Island and the greater New England area,” said Scott Alter, Principal and Co-Founder of Standard Communities.

The scatter-site property in Pawtucket is comprised of one 5-story building located at 475 School Street, and six 1- and 2 story buildings, located at 38 and 42 Mary Street, 26 and 30 Rowland Street, and 85 and 87 Ashton Street.

“Nearly half of home renters in Rhode Island spend 30% or more of their household income on rent, making safe and affordable housing more important than ever,” said Joon Lee, Managing Director of Strategic Capital at Standard Communities. “We’re proud to expand our portfolio in Rhode Island and to help address the critical need for affordable housing,” added Mr. Lee.

Standard acquired Riverstone Apartments through its Community Development and Affordable Housing Fund IV, which is focused on preserving at-risk affordable housing in the greater New England area.

Standard Communities, has led a public-private partnership to acquire Osprey Place Apartments in North Charleston, SC. This deal brings Standard’s affordable portfolio in the Charleston area to over 500 units.

In February, Standard led a public-private partnership that acquired Bridgeview Village Apartments, the largest privately-owned affordable community in Charleston. 

A long-term ground lease for the 108-unit Osprey Place Apartments was acquired by Standard 

in partnership with South Carolina State Housing Finance and Development Authority (SC Housing) and Housing On Merit. The transaction has a total capitalization of over $22 million, including more than $82,000 per unit in renovation costs. The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with SC Housing, and purchased by Regions Bank.

Built in 2004, Osprey Place Apartments is located at 2390 Baker Hospital Boulevard, North. It comprises five garden-style apartment buildings on a 19.3-acre site. Amenities include a community center, playground, laundry room, and off-street parking for residents.

“Our work with SC Housing and Housing on Merit exemplifies what can be accomplished through community engagement and collaboration across the public and private sectors,” said Scott Alter, Principal and Co-founder of Standard Communities. 

“Standard continues to focus on ways we can preserve and create affordable and workforce housing through strong public-private partnerships.  With this addition to Standard’s portfolio in the Lowcountry, we are trying to do our part to alleviate the area’s high housing costs and low supply of affordable and workforce housing,” said Tommy Attridge, Standard’s Director of Southeast Production, based in Charleston.

In addition to Bridgeview Village Apartments, Standard Communities’ acquisition and rehabilitation of Osprey Place Apartments follows its September 2020 deal to acquire and renovate Canebreak Apartments, a 120-unit affordable apartment community in Summerville, SC. 

“Housing on Merit’s commitment to preserving affordable housing has not wavered during the pandemic, which has reinforced how important it is to continue to provide residents with safe and affordable places to live. To that end, we’re grateful for our partnership with Standard Communities and South Carolina Housing in preserving and extending the affordability of Osprey Place Apartments,” said Jennifer Litwak, Executive Director for Housing on Merit. 

The seller was represented in the transaction by Gene Levental of SVN Affordable | Levental Realty.

Based in New York and Los Angeles, Standard has a national portfolio of over 15,500 apartment units, including approximately 11,500 affordable and workforce housing units, and has completed more than $3 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.

Housing on Merit (HOM) is a 501(c)(3) nonprofit organization with a mission to create a bridge to permanent affordable housing for vulnerable populations. HOM is a co-developer of numerous bond-financed and government-supported affordable multifamily housing projects, many of which benefit from allocations of federal Low-Income Housing Tax Credits.

SVN Affordable | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing, and selling Project-Based Section 8 and Section 42 housing through their national platform and proprietary database. Their financial, regulatory, and statutory expertise, paired with their strategic alliance of industry professionals, allows them to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for their clients.