Standard Communities has acquired Tanglewood Village, a 176-unit multifamily in the Providence submarket of West Warwick, RI, and led a public-private partnership to convert the market-rate property into long-term dedicated affordable housing. No existing residents will be displaced.

“Fair market rents in Providence have increased almost 9% in the last year and are expected to increase just as much next year, making the conversion of Tanglewood Village from market-rate to affordable housing even more important,” Joon Lee, managing director of strategic capital at Standard Communities.

Tanglewood Village consists of nine three-story garden-style apartment buildings on 11 acres. Standard Communities plans a $3 million renovation that includes energy efficiency upgrades and addressing deferred maintenance. Oil heating systems will be converted to gas. Standard acquired Tanglewood Village through its Community Development and Affordable Housing Fund IV, which focuses on preserving at-risk affordable housing in New England. Standard Communities’ affordable portfolio in RI now total five properties with 650 units.