LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing communities totaling roughly 6,000 units for $1 billion. The portfolio consists of traditional multifamily and seniors housing assets in Texas, Arizona, Colorado and California. The undisclosed seller developed many of the properties in roughly 2002.
Standard states that it will invest more than $30 million in capital improvements and deferred maintenance across the portfolio. According to the company, no tenants will be displaced during renovations.
Standard says negotiations with multiple government agencies, including HUD, Fannie Mae, Freddie Mac, state governments in Arizona, California, Colorado and Texas and several local housing authorities, will preserve long-term affordability. According to the company’s website, Standard targets investments in communities that are reserved for tenants earning between 80 and 120 percent of area median income.
This acquisition brings Standard Communities’ portfolio in California to 11,000 units and expands the firm’s presence to Arizona, Colorado and Texas.
Standard Communities is based in New York City and Los Angeles. The firm has $5 billion in assets under management across 21 states. The company is focused on developing and maintaining affordable housing properties.