Standard Communities Expands to Michigan
A public-private partnership teamed up for this ground-up affordable housing community.
Standard Communities and joint venture partner River Caddis Development are building River’s Edge, a 228-unit affordable housing property, as part of a public-private partnership in Kalamazoo, Mich. It is Standard’s first investment in Michigan and is capitalized at $56 million.
The public-private partnership includes the Michigan State Housing Development Authority, Kalamazoo County and the City of Kalamazoo. WNC & Associates is the equity partner.
Low-Income Housing Tax Credits will be used to construct the affordable housing project. The property will have 184 units for those earning 60 percent or less of the Area Median Income. The remaining 44 units are for those earning less than 120 percent of AMI.
Located at 508 Harrison St. and 660 Gull Rd., River’s Edge is comprised of two parcels totaling 7.4 acres situated northeast of downtown Kalamazoo. The National Green Building Standard Silver-certified project will include two four-story residential buildings, a four-unit live/work building and a commercial building with a leasing office.
Resident amenities will feature a fitness center, playground and terraced patio. The property will have pedestrian paths open to the public that connect with the 35-mile Kalamazoo River Valley Trail. The neighborhood is being transformed from an industrial and commercial district into a residential, live-work-play community with a mix of businesses, shops, restaurants and affordable apartments all within walking distance of downtown Kalamazoo.
Earlier projects
Standard, a national multifamily affordable housing investor and developer based in New York and Los Angeles, has worked with River Caddis Development in the past. In July 2021, the two partners completed the 173-unit Jules on 3rd Apartments in downtown Boise, Idaho.
River Caddis Communities is the mission-driven affordable housing division of River Caddis Group, a full-service real estate development and advisory firm based in Lansing, Mich. River Caddis Development is also part of River Caddis Group. The group has developed projects across the real estate sector, including multifamily housing, mixed-use developments, office and retail.
Standard has a portfolio of more than 20,600 apartment units and $4.4 billion in assets under management across 18 states and Washington, D.C. In August, Standard made its second investment in Minnesota, acquiring Lenox Place Apartments, a 152-unit affordable housing community in Duluth, Minn., in a deal capitalized at about $37.14 million. The transaction extended the affordability of the property for 30 years.
A month earlier, Standard made its first foray into Minnesota with the acquisition of Rivertown Commons, a 96-units affordable senior housing community in a deal capitalized at $27.8 million. Also in July, Standard purchased a 100-unit, fully affordable multifamily property in Shelby, N.C., in a transaction capitalized at $16.4 million.
