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Standard Communities Makes First Investment in Minnesota
Standard Communities, a national multifamily housing investor and developer, has made its first investment in Minnesota, acquiring Rivertown Commons, a 96-unit 100% affordable community for seniors and individuals with disabilities in Stillwater. The transaction is capitalized at $27.8 million.
Standard completed the acquisition in partnership with the Washington County Community Development Agency and the Minnesota Housing Finance Agency (MHFA). Huntington Bank provided the tax credit equity.
Located at 212 2nd Street North in Stillwater, the affordable senior community was built in 1978 and previously renovated in 2007. It features one and two-bedroom units. Standard plans a nearly $9 million renovation of Rivertown Commons
“There is a strong demand for senior affordable housing in Washington County,” said Robert Koerner, Standard’s Chief Investment Officer. “Partnering with state and county agencies in this transaction exemplifies the vital role of public-private partnerships in addressing the affordable housing crisis, and encourages Standard to seek additional investments in Minnesota.”
