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.

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.

Standard Communities, a major national affordable housing developer and investor, has led a public-private partnership that acquired a 371-unit 100% affordable housing community in Chicago, IL.

The total capitalization of the acquisition is approximately $46 million.

Standard acquired Bryn Mawr Belle Shore Apartments, two mid-rise buildings with studio and one-bedroom apartments and 15,000 square feet of retail space, in the Edgewater Beach neighborhood of Chicago along Lake Michigan.

Both buildings feature historic elegant lobbies and attractive terra cotta and brick Art Deco exteriors which Standard plans to preserve for the residents of the communities to enjoy. Planned improvements include new common area lighting, refurbished common areas and amenities--carpeting and paint and facade maintenance--and renovated management offices.

Standard intends filling the vacant retail space with quality commercial tenants that will re-invigorate the West Bryn Mawr Avenue corridor.

Bryn Mawr Belle Shore Apartments are located at 1052-1070 W Bryn Mawr Avenue, steps from the Bryn Mawr CTA Redline train, providing residents with easy access to downtown.

“Every development in which Standard invests revives and strengthens neighborhoods and provides new opportunities for residents to live affordably, providing a pathway to prosperity and a high-quality place to call home,” said Scott Alter, Co-Founder and Principal of Standard Communities.

Standard Communities completed this transaction in partnership with the Illinois Housing Development Authority, Chicago Housing Authority, the City of Chicago Department of Housing and the US Department of Housing and Urban Development.

“Our innovative financial structuring and strong partnerships are important in creating and preserving affordable housing in high-cost and high-opportunity locations like Chicago,” said Joon Lee, Managing Director at Standard Communities. 

“I look forward to working with Standard Communities to revitalize the historic Bryn Mawr corridor in Edgewater. Their leadership and partnership, alongside my office and the Edgewater Chamber of Commerce, is a positive step as we work towards a safer, more engaging Bryn Mawr,” said Chicago 48th Ward Alderman Harry Osterman.

Based in Los Angeles and New York, Standard Communities has a national portfolio of over 18,000 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.

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.