Standard Communities acquires affordable community in Duluth, Minn.

Standard Communities announced it has made its second investment in Minnesota in a month, acquiring a 100 percent affordable community in Duluth.

Standard led a public-private partnership in acquiring the 152-unit Lenox Place Apartments at 701 W. Superior St. in Duluth. Built in 1980, Lenox Place has 143 one-bedroom units and nine two-bedroom units for seniors and individuals with disabilities.

The transaction is capitalized at $37.14 million.

Standard will extend the affordability of Lenox Place Apartments for 30 years, with resident income restricted to 60 percent of the Area Medium Income.

Standard recently made its first investment in Minnesota, acquiring Rivertown Commons, a 96-unit, 100 percent affordable senior community in Stillwater, in a transaction capitalized at $27.7 million.

Funding for the Lenox Place Apartments transaction included Low Income Housing Tax Credits secured through the Minnesota Housing Finance Agency and the Housing Re