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Standard Communities Acquires $18M Canton Multifamily, Ups New England Portfolio to 1,100 Units
Los Angeles, CA-based Standard Communities, a 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.
The acquisition is Standard Communities’ fourth in MA, which brings its portfolio in the state to over 450 units and to over 1,100 units in the New England area.
“Housing is a pathway to human prosperity, and by expanding our footprint in MA, 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.
Located at 32 Neponset Street and 16 Bailey Court about 20 miles south of Boston, the community consists of 65 one- and two-bedroom units in two three-story buildings constructed in 1982. Standard Communities plans a $2.4 million renovation to improve and modernize the community.
- ◦Sale/Acquisition
