Standard Communities, a leading national affordable housing developer and investor, has expanded its principal offices and added staff reflecting robust business.

Standard is one of the 20 largest owners of affordable housing in the United States with nearly 19,000 residential units in its portfolio, an increase of more than 10,000 units since 2021. It has 119 properties across 16 states and Washington, D.C., almost doubling the number of properties under ownership since 2021.

The total capitalization of Standard’s portfolio is approximately $4.4 billion, up from $2 billion in 2021.

“We have applied productive strategies, with acquisitions and ground-up development, to extend our successful track record in a challenging environment,” said Scott Alter, Co-Founder and Principal of Standard Communities. “As a result, we have expanded our three principal offices in New York, Los Angeles, and Washington, D.C., and opened new offices in Miami and Nashville,” said Mr. Alter. Standard’s staff has grown to approximately 90.

In Manhattan and Washington, D.C., Standard recently relocated and expanded its office spaces, more than doubling the size of previous offices in those cities. Its Los Angeles office was extensively renovated.

“Our investment in new and updated office spaces is really an investment in our people and the work they do. In-person collaboration provides significant value and is crucial in fostering effective teamwork and achieving our ambitious goals,” said Mr. Alter.

Standard’s growth includes:

·       Breaking ground on two multifamily properties: Aspen Wood in San Ramon, CA and The Line in Savannah, GA

·       The largest acquisition in Standard’s history, 28 multifamily affordable properties with 3,151 units in two states.

·       Acquisition of Maunakea, the largest FHA deal and biggest Project-Based Section 8 transaction in Hawaii state history.

·       Establishing three distinct business lines: Acquisitions & Redevelopment, New Construction, and Essential Housing.

“Public-private partnerships are the most effective way to create, preserve, and improve affordable housing throughout the country. Standard is committed to collaborating with local and state agencies, non-profit organizations and private sector partners, as we help respond to calls for more affordable housing,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities.

Headquartered in Los Angeles and New York, Standard Communities has a national portfolio of nearly 19,000 apartment units and has completed more than $4 billion of affordable and workforce housing developments, acquisitions and rehabilitation nationwide. One of the 20 largest owners of affordable housing in the country, Standard Communities is a Certified B Corporation. It strives to cultivate long-term public/private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.

Standard Communities, a major national affordable housing investor and developer, has led a public-private partnership with the State of Hawaii, United States Department of Housing and Urban Development (HUD), Honolulu-based Stanford Carr Development, the City of Honolulu and Hawaii Housing Finance & Development Corporation (HHFDC), in the acquisition of Maunakea, a 379-unit 100% affordable housing community in Honolulu, Hawaii.

This is the largest FHA deal and largest Project-Based Section 8 transaction in Hawaii state history. The transaction extends the affordability of all units at the property for 20 years.

Maunakea, a family community with a primarily senior resident base, is the seventh property in Standard’s Hawaii portfolio which now totals over 1,600 units.

Located at 1245 Maunakea Street in Honolulu, the community has 254 one-bedroom units and 125 two-bedroom units. It was built in 1977 and renovated in 2000. Standard will undertake renovations budgeted at over $41 million, approximately $109,000 per unit.

In unit renovations will include updates to kitchens and bathrooms and new flooring. Residents will also benefit from new windows throughout the property, a new business center, fitness center, and the addition of grills to the picnic area. 

“Maunakea is a significant addition to Standard’s robust portfolio of affordable housing in Hawaii, in partnership with an experienced local developer, Stanford Carr. Hawaii has some of the highest rents in the nation, which increases the need for high-quality, affordable housing. We remain committed to uplifting the Honolulu community, and preserving and improving the affordable housing stock is one of the most important ways we can address economic inequalities in the area,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities.

Mr. Jaeger pointed out that “this is the first time in decades that state Low Income Housing Tax Credits are available for a 4% tax credit transaction in Hawaii, a state with very limited LIHTC resources. This is a big step toward Standard continuing to preserve affordable housing in Hawaii, positively impacting the lives of residents for years to come.”

“HHFDC is pleased to partner with Standard Communities, Stanford Carr Development and HUD to ensure that all 379 units of Maunakea Tower Apartments are modernized and will remain affordable for many additional years,” said Dean Minakami, HHFDC Interim Executive Director. “Maunakea Tower is a critical component of the affordable housing inventory in Chinatown. Many from our elderly and immigrant populations choose to live in the neighborhood because it is also home to the groceries, herbalists, medical offices and houses of worship that they frequent.”

He added: “This is not the first partnership we’ve had with this team, and we look forward to future endeavors with them.”

In 2020 Standard, also in partnership with HUD, The State of Hawaii and Stanford Carr, closed on an innovative $223.9 million public-private partnership to reposition 1,221 units of affordable housing across six properties located on the islands of Oahu, Hawaii, and Maui.

Headquartered in Los Angeles and New York, Standard Communities has a national portfolio of nearly 19,000 apartment units and has completed more than $4 billion of affordable and workforce housing developments, acquisitions and rehabilitations nationwide. As one of the 20 largest owners of affordable housing in the country, Standard Communities is a Certified B Corporation and strives to cultivate long-term public/private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.

Standard Communities, a major national affordable housing developer and investor, has been certified as a B Corporation following a rigorous review of the impact of its business model and operations on staff, stakeholders, communities and the environment, consistent with a vision of an inclusive, equitable and regenerative economy benefiting all people, communities and the planet.

B Corp Certification designates that a business meets verified high standards of performance, accountability and transparency. The B Corp verification process is administered by B Lab, a non-profit international network of organizations.

Standard is the first national affordable housing developer to receive B Corp certification.

“High-quality, well-maintained affordable housing is crucial to the well-being and livelihood of so many people. Becoming a Certified B Corporation reflects our commitment to upholding a purpose-driven business and supporting a movement that benefits all through sustainability, transparency and responsible business practices. We will continue to uplift and empower positive change in the affordable housing industry for our residents, our communities and the environment. We are honored to receive this certification and become part of the B Corp community,” said Scott Alter, Co-Founder and Principal at Standard Communities.

Throughout its investments in affordable communities Standard Communities gives the highest priority to environmental sustainability and the safety and comfort of its residents.

Standard Communities has received recognition for its substantial achievements in increasing access to affordable housing across the US and in environmentally responsible investments, leading innovative and successful public private partnerships. These include:

--The Business Achievement Award for Industry Leadership in Affordable Green Housing won by Standard’s affordable housing community Fort Chaplin Park Apartments which has the largest community rooftop solar array in Washington D.C.

--The Novogradac Tax Credit Developments of Distinction Award for Standard's efforts preserving and expanding affordable housing at its Illinois Section 8 Portfolio, an 855-unit portfolio of six properties in the Chicago area.

--The largest tax-exempt bond and LIHTC financed affordable housing transactions in the respective histories of Illinois, California, and Washington, D.C.

--Recognition of Standard as a Great Place to Work, which acknowledges companies that create outstanding experiences for their employees. 

“Behind our business, there’s a passionate team helping us achieve our mission of enhancing the quality of life for the residents and communities we serve. We aim to enable every Standard employee to be a force for good and are committed to fostering a supportive and inclusive environment for our team members,” said Joseph Ouellette, Chief Operating Officer at Standard Communities.

Standard Communities, a major national affordable housing investor and developer, has acquired Canton Estates Apartments, a naturally occurring affordable housing family community in Canton, MA. The total capitalization of the transaction is approximately $18 million.

Located at 32 Neponset Street and 16 Bailey Court, in Canton, about 20 miles south of Boston, the community consists of 65 one- and two-bedroom units in two 3-story buildings constructed in 1982. This is Standard’s fourth acquisition in Massachusetts, bringing its portfolio in the state to over 450 units and more than 1,100 units in the New England area.

“Canton Estates fills the need for housing for families in a great location—close to good schools, only minutes from the commuter rail, and easily accessible from Routes 1, 128, 95, and 93,” said Joon Lee, Managing Director at Standard Communities.

Standard Communities plans a $2.4 million renovation to improve and modernize the community. Apartment interiors will be upgraded with new appliances, countertops, flooring, and updated bathrooms. Standard will also address deferred maintenance.

“Housing is a pathway to human prosperity, and by expanding our footprint in Massachusetts, we can ensure that its housing stock is improved and modernized, giving families and individuals a high-quality place to call home,” said Scott Alter, Co-Founder and Principal at Standard Communities.

Headquartered in New York and Los Angeles, Standard Communities has a national portfolio of nearly 19,000 apartment units and has completed more than $4 billion of affordable and workforce housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public/private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.

Standard Communities, a major national affordable housing developer and investor, has acquired controlling interest in an affordable housing portfolio of nearly 3,200 units in Florida and Georgia. The transaction is Standard’s largest acquisition.

Standard will invest nearly $25 million in capital improvements across the portfolio to benefit nearly 10,000 residents and ensure that the communities remain affordable, strong and resilient for years to come.

This portfolio marks Standard’s first acquisitions in Florida and its first affordable acquisitions in Georgia. With this transaction, Standard’s national portfolio has grown to nearly 19,000 units, promoting housing stability and providing homes for nearly 45,000 residents across the United States.

Standard Communities has partnered with the nonprofit organization Apartment Life, whose on-site Resident Service Coordinators work to increase residents’ access to education, foster community engagement, reduce food insecurity, improve healthcare access and provide opportunities for economic mobility. Apartment Life will also bring together people, community organizations and ideas to positively impact the trajectory of residents and their communities.

“Standard is expanding its portfolio in the Southeast to foster more thriving communities in the region. We believe that when you invest in communities, you also invest in people’s futures by offering them a pathway to stability and prosperity,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities.

“High-quality, well-maintained affordable housing is crucial to the well-being and livelihood of so many people. We are proud to have the opportunity to continue to deliver on our vision of providing stable, vibrant places for our residents to call home,” said Mr. Jaeger.

Standard’s vertically integrated in-house team of Asset Management, Construction Management, Acquisitions and Compliance divisions, among others, established a holistic perspective on the properties, residents, and communities to prioritize goals to improve the residents’ safety, comfort, and well-being.

Apartment Management Consultants and Arco Management Corp. are responsible for property management services for the communities.

“Over the last 13 years, we have worked with Standard to ensure that individuals and families across the country have stable and well-maintained affordable homes. The ability to positively impact local communities is an honor. We are rolling up our sleeves and working to do so at these properties in the Southeast,” said Greg Wiseman, Chief Executive Officer of Apartment Management Consultants.

Also in Georgia, Standard broke ground on a project in Savannah last year that combines the renovation of an existing 1920s-era former Atlantic Coast Line Railroad office building and a new construction apartment building. This community will transform an underutilized site into a modern, energetic 219-unit market-rate apartment community.

Headquartered in New York and Los Angeles, Standard Communities has a national portfolio of nearly 19,000 apartment units and has completed more than $4 billion of affordable and workforce housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public/private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.

Standard Communities, a major national affordable housing developer and investor, has led a public private partnership acquiring two senior 100% affordable communities totaling 466 units in Chicago and its suburbs. The transaction extends and preserves their affordability for 30 years.

Standard acquired the 145-unit Commonwealth Apartments located at 2757 N Pine Grove Avenue in Chicago’s Lincoln Park neighborhood, and the 321-unit Greenleaf Apartments at 502 Kildeer Drive, Bolingbrook. Resident amenities include community rooms, libraries, sitting areas, on-site laundry facilities, multiple elevators, ground floor retail and hair salon, healthcare and convenience stores within walking distance.

The acquisitions have a combined total capitalization of $192 million, including $46 million in planned renovations of the two communities. 

Renovations will include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces at each community.  Amenities to be added at both communities include a walking park, pickleball court, fitness center, business room and enhanced community meeting rooms. Solar panels will be installed on the roofs of Greenleaf Apartments to provide electricity for new electric heating and cooling units to replace less efficient gas boilers and air conditioning units. Standard is financing the Greenleaf energy improvements in partnership with Commonwealth Edison’s Multi-Family Energy Savings Program.

"Safe, comfortable affordable housing should be within reach for all, regardless of age or income," said Thomas Marro, Director of Acquisition Redevelopment at Standard Communities. "For seniors living on fixed incomes, it is increasingly difficult to afford quality homes. With our investment in Commonwealth and Greenleaf Apartments, we protect and preserve a critical housing resource for Chicago’s seniors.”

Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the US Department of Housing and Urban Development utilizing low-income housing tax credits and long-term Housing Assistance Payments contracts.

“We are pleased to partner with IHDA and HUD on preserving and extending the affordability of these senior communities. With 466 affordable homes for seniors, Commonwealth and Greenleaf Apartments will continue to provide a haven for residents to age in place with dignity in a comfortable and engaging living environment,” said Robert Koerner, Chicago-based Chief Investment Officer at Standard Communities.

Last month Standard acquired the 100% affordable 371-unit Bryn Mawr Belle Shore Apartments in Chicago’s Edgewater Beach neighborhood along Lake Michigan.

Standard now has more than 2,300 apartment units in its Illinois portfolio. Nationally, Standard now has more than 5,700 senior affordable units in its portfolio.

Based in Los Angeles and New York, Standard Communities has a national portfolio of over 18,600 apartment units and has completed more than $4 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.