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Standard Communities, a leading national multifamily affordable housing investor and developer, has named Feras Qumseya as Chief Development Officer. This is a new position created to lead the New Construction division, a national platform, focused on leveraging 4% Low Income Housing Tax Credit (LIHTC) financing to build new dedicated affordable housing units in major metropolitan areas. He is based in Washington, D.C.
Standard recently launched three dedicated business lines—Acquisition Redevelopment, New Construction and Essential Housing—to better leverage and align the strengths and diversity of its people and enable them to execute faster and more efficiently.
“As Standard continues to grow, we are aligning focused, specialized teams to execute our diversified business lines. We are empowering leaders, providing them with the resources and autonomy to expand our business and leverage our expertise across the country in new and exciting ways. We are thrilled to have Feras as part of our senior leadership team with his enormous affordable development experience, in addition to his track record of leadership and scaling teams,” said Scott Alter, Co-Founder and Principal of Standard Communities.
Mr. Qumseya brings 20 years of experience working on all aspects of affordable housing, economic development, public-private partnerships, large mixed-use projects, and transit-oriented developments. He joins Standard from Foulger-Pratt, a real estate investment and development firm, where as Vice President of Development he was responsible for creating and preserving affordable housing nationwide.
“Feras brings impressive skills, insight, and diligence. We are confident that Feras will help make great things happen as he focuses on building out a national 4% LIHTC New Construction platform. We are excited to have someone with his character, experience and capabilities join our growing team,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities. “He has already committed Standard to several exciting new construction projects in Maryland and Virginia, and we look forward to seeing them come to life, furthering our mission of providing high-quality, affordable housing,” added Jaeger.
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 Communitiesa 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.
FaringCSCDA 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.
12530 Crenshaw Boulevard in Hawthorne,
“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.