Standard Communities has acquired a 100 percent affordable housing portfolio valued at more than $1 billion consisting of over 6,000 apartment homes in more than 60 communities in four states.
With this transaction, Standard enters three additional states — Arizona, Colorado and Texas — while growing its California portfolio to nearly 11,000 apartment homes.
Home to more than 13,000 residents, the more than 60 communities in the portfolio serve a mix of families and seniors. The properties, on average, were built in 2002 and a majority were developed by the seller.
Standard will invest more than $30 million in capital improvements and deferred maintenance across the portfolio with no residents being displaced to ensure the communities remain affordable and resilient for years to come.
“In a market environment considered challenging, Standard is experienced and well positioned to finance and complete large and highly complex multi-state acquisitions
