Standard Communities Buys Affordable Housing Portfolio
Located in Florida and Georgia, the projects represent the company's largest purchase to date.
Standard Communities has made a major push into the affordable housing sector with its latest acquisition. The company has purchased a controlling interest in a southeastern U.S. affordable housing portfolio from an undisclosed seller.
The deal marks the company’s largest acquisition to date, according to a prepared statement. Details of the transaction were not disclosed.
The portfolio includes nearly 3,200 units throughout Florida and Georgia, with the company planning to invest nearly $25 million in capital improvements across the portfolio that will benefit the existing residents and also ensure that the communities will remain affordable and resilient for years. Standard Communities will also have its in-house teams that focus on asset management, construction management, and acquisitions and compliance to establish a plan that prioritizes the residents.
Standard Communities tapped Apartment Management Consultants and Arco Management Corp. to handle property management services at the properties. The company also partnered with the nonprofit organization Apartment Life, which will provide resident service coordinators to help tenants with services and programs assisting with education, community engagement, food insecurity, healthcare access and economic mobility.
Expanding in the Southeast
With this deal, Standard Communities has entered the Florida market, while also making its first affordable housing transaction in Georgia. The affordable housing developer and investor has completed more than $4 billion of affordable and workforce housing projects and rehabilitations across the U.S.
Standard Communities’ national portfolio totals nearly 19,000 units after this acquisition. The company broke ground on a market-rate apartment project in Savannah, Ga. in mid 2022. That project combines the renovation of an existing building that previously served the office of the Atlantic Coast Line Rail Road and the construction of a new luxury apartment building. When completed in 2024, the apartment community will offer 219 market-rate units.