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Standard Communities Makes First Investment in Michigan
Standard Communities has made its entry into Michigan in a joint venture with River Caddis Development, participating in a public-private partnership creating a ground-up affordable community in Kalamazoo.
The partnership includes the Michigan State Housing Development Authority, Kalamazoo County and the City of Kalamazoo. WNC & Associates is the equity partner. The development, River’s Edge, is capitalized at $56 million.
“The collaboration with our public and private partners is instrumental in making this a reality, and we look forward to expanding our work in Michigan,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities.
Located at 508 Harrison Street and 660 Gull Road, the 228-unit River’s Edge is comprised of two parcels totaling 7.4 acres northeast of downtown Kalamazoo. Standard has a portfolio of over 20,600 apartment units and $4.4 billion in assets under management. River Caddis Communities is the mission-driven affordable housing division of River Caddis Group, a real estate firm based in Lansing, Michigan.
