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Boston & New England  + New England  + Senior Housing  | 
Pawtucket, RI

Senior Affordable Community in Pawtucket, RI, Acquired by Standard Communities

Standard Communities has acquired controlling ownership interest in Riverstone Apartments, a 103-unit senior affordable community in Pawtucket, RI. The price was not disclosed.

The scatter-site property in Pawtucket is comprised of one five-story building and six one- and two-story buildings.

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. The acquisition brings the company’s affordable portfolio in RI to more than 500 units.

“Nearly half of home renters in RI 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.

Riverstone Apartments has an onsite coordinator who manages resident services and community programs, including wellness. Residents also have access to a computer lab as part of the U.S. Housing and Urban Development’s Neighborhood Networks program.


Inside The Story

Standard Communities’ Lee

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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