Standard Communities Acquires Affordable Senior Housing Portfolio
Affordable housing investor and developer, Standard Communities, has acquired a trio of senior mixed-income communities totaling 559 rental units in California. The total capitalization of the portfolio is $195 million, including more than $19 million in renovations.
The three properties are: The 196-unit Heritage Village Anaheim, CA, the 196-unit Heritage Park Escondido, CA and the 167-unit Heritage Park Livermore, CA. Standard plans on providing upgrades to the communities’ plumbing, HVAC, electrical, fire safety and security, as well as unit improvements and exterior repairs including new paint. The common areas will also be renovated.
“We believe housing is a pathway to human prosperity. We’re preserving and expanding affordable housing in some of the areas that need it most in California,” said Standard Communities’ Jeffrey Jaeger. “Seniors are the fastest-growing population in the state, and we are proud to be a part of the solution to meet their increasing demand for quality affordable rental housing.”
- ◦Sale/Acquisition
