Standard Communities Enters Philadelphia With $30M Buy
The firm plans to acquire more than 1,000 units across the region.
Standard Communities has entered the Philadelphia market with the $29.3 million acquisition of The Helston, an eight-story, 186-unit affordable multifamily property in the city’s Wynnefield Heights neighborhood. It was the first investment from its new Community Reinvestment Act fund.
The most recent owner of the property, located at 3801 Conshohocken Ave., was Scully Co., which acquired the asset in March 2017 for $14.7 million, according to Yardi Matrix data. Scully Co. secured a 10-year $13 million CMBS loan for the property from Fannie Mae that was originated by Berkadia Commercial Mortgage, the same source shows.
Standard’s CRA fund is looking to invest an additional $150 million in affordable and multifamily housing across the Philadelphia metro.
“Philadelphia is a great American city and we’re glad to be here. It has strong economic anchors, world-class universities and great parks and transit. That’s exactly why we want to invest here,” Christopher Cruz, senior managing director, essential housing at Standard Communities, told Multi-Housing News. “But a city only works if the people who make it work, like the teachers, nurses, transit workers and service workers, can afford to live here. Our approach is to put real capital into the buildings that already exist, take care of them and keep them affordable for the long term, so working families can stay in their neighborhoods and have a great quality of life.”
Cruz said Standard is actively pursuing acquisitions in the region, with the goal of acquiring more than 1,000 units. He said the firm expects to acquire properties similar to The Helston over the next two years.
Helping The Helston
Nearly every unit at The Helston is designated for renters earning below the 80 percent of area median income threshold, with more than half of current residents earning less than 80 percent of AMI.
READ ALSO: Two Ways to Unlock the Missing Middle
Cruz said the company plans to hold the property for the long term and aims to preserve housing that working families can afford, be a reliable partner to the city, the housing agencies and the residents.
Closer look at the community
The Helston has a mix of studio, one- and two-bedroom units ranging in size from 480 to 1,342 square feet, with an average of 752 square feet. Rents range from $1,140 to $2,132, with an average of $1,565, according to Yardi Matrix information.
Located on 2.2 acres, the community has 255 parking spaces. The building overlooks Fairmount Park with views of the Philadelphia skyline. Amenities include a renovated lobby, a fitness center and an on-site Zipcar. It’s also close to City Avenue shopping and dining, Saint Joseph’s University, the Philadelphia College of Osteopathic Medicine and SEPTA service.
More Standard Communities deals
In May, Standard sold Silver Oaks Apartments, a 200-unit affordable community in Tampa, Fla., to Fairstead for $30.7 million. Fairstead is planning $24 million to renovate and upgrade the asset at 4200 Kenneth Court in Northeast Tampa. Standard sold the community after a nearly four-year hold period, according to Yardi Matrix.
A joint venture of Standard Communities, Housing on Merit and Vistria Real Estate acquired Park Kiely, a 948-unit property in San Jose, Calif., in September 2025 for $360 million. The joint venture plans to keep Park Kiely, located at 355 Kiely Blvd., affordable for at least 30 more years.
