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.

 

 

Providence, RI — October 19, 2018 — Standard Communities, the affordable housing division of Standard Companies, is pleased to announce it has acquired Curtis Arms Apartments in the Olneyville neighborhood of Providence, Rhode Island. Standard Communities will be implementing a large-scale rehabilitation of the 106-unit property as part of their effort to preserve the property as high-quality affordable housing for years to come.

 

“We’re immensely excited about the opportunity that Curtis Arms presents. Similar to our other Providence properties, we believe that the upcoming work at Curtis Arms will prove transformative for the residents and the neighborhood,” said Scott Alter, co-founder of Standard Companies.

 

“As the City of Providence continues to transform, we’re excited to be able to ensure that the Olneyville community has access to high-quality, affordable housing. Many residents have long-established ties to the neighborhood, and we want to help them flourish, which is tough to do if they are worried about being priced out of their community or if their homes are in need of significant repairs,” added Joe Ouellette, Partner and Head of East Coast Operations for Standard Communities.

 

Demonstrating its commitment to creating a space residents and the neighborhood can be proud of,  Standard plans to invest more than $6 million to revitalize and modernize the property. In addition to overhauling unit interiors, renovations will update building systems such as the roof and elevators, as well as provide common areas and amenity spaces for resident use and improve the energy efficiency of the property. No residents will be displaced as a result of this work.