Standard Communities Acquires Seniors Housing Property in Virginia Beach for $22M
Standard Communities, the affordable housing division of Standard Companies, has acquired The Commons at Princess Anne, a 186-unit affordable apartment community for seniors in Virginia Beach. The acquisition and renovation has a total capitalization of approximately $22 million and includes significant capital improvements.
Built in 2001, The Commons at Princess Anne features a central courtyard with picnic areas and grills, a large community room and amenity spaces that include a fitness center, hair salon and walking paths. With the acquisition, Standard has now created or preserved more than 2,000 units of affordable housing in the Mid-Atlantic region.
“Older adults, many of whom are on fixed incomes, often find themselves priced out of the neighborhoods that they have been a part of for many years, or even decades,” said Tommy Attridge, director of southeast production at Standard Communities. “Our goal is to ensure that The Commons at Princess Anne provides high-quality, affordable housing that enables seniors to remain close and connected to their community, friends, and family.”
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