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Standard Communities Acquires $1B Affordable Portfolio
Standard Communities has acquired a 100% affordable housing portfolio valued at $1 billion-plus and containing more than 6,000 apartments across four states. Reportedly it’s the largest such transaction in the U.S. this year. The seller was not disclosed.
The New York City- and Los Angeles-based developer and investor enters three additional states—Arizona, Colorado and Texas—while significantly growing its California portfolio to nearly 11,000 units. Home to more than 13,000 residents, the portfolio’s 60-plus communities serve a mix of families and seniors.
Standard will invest more than $30 million in capital improvements and deferred maintenance across the portfolio. “Our strategic planning in this difficult interest rate environment has allowed us to enter into new states, greatly expand our portfolio and continue to invest in people’s futures by offering them affordable places to live,” said Jeffrey Jaeger, co-founder and principal at Standard Communities.
- ◦Sale/Acquisition
