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.