Nationally Standard Has More Than 2,000 Units in Its New Construction Pipeline
Woodbridge, VA–March 12, 2024–Standard Communities, a leading national multifamily housing investor and developer, is developing a 240-unit 100% affordable community in Woodbridge, Prince William County, VA. The project, Jefferson Plaza Apartments, is capitalized at approximately $67.5 million.
Nationally, Standard currently has more than 2,000 units in its New Construction pipeline.
Funding was secured through Virginia Housing as the issuer of tax-exempt bonds and the lender; Freddie Mac provided Low Income Housing Tax Credit equity through Hudson Housing Capital.
“Our investment in Woodbridge, VA, is consistent with Standard’s track record throughout the United States of creating high-quality, healthy, affordable communities,” said Scott Alter, Co-Founder and Principal of Standard Communities. “At Standard, we have a passion for finding innovative solutions to build affordable housing that best serves residents and communities, and we are excited to bring new housing to the Woodbridge community,” said Mr. Alter.
Jefferson Plaza Apartments will comprise seven 3-story buildings with 147 one-bedroom and 93 two-bedroom units. Located on a 7.6-acre parcel, the community is being built on the site of a former shopping center at 1305 Jefferson Plaza. It is a transit-oriented development in the Route 1 Corridor within walking distance of the Woodbridge Virginia Railway Express station and close to I-95, grocery and convenience stores, restaurants and more.
“There is a strong demand for affordable housing in high-cost communities like Woodbridge,” said Feras Qumseya, Standard’s Chief Development Officer. “Developing housing on the site of a former shopping center is not easy with the easements and rezoning. The support and assistance from Prince William County to facilitate the process was crucial and helped get us where we are today,” he added.
The property will be income-restricted to 60% of the Area Medium Income (AMI), making the units affordable to middle-income families and essential workers.
Jefferson Plaza will feature 354 parking spaces for residents, a 3,000 square foot club room and co-working amenity space, a fitness center, bike storage, a playground and recreational area, greenspace and a dog park. An adjacent underutilized park will be built out as part of the project and the apartment community will have direct access. Completion is expected in September 2026.
“Revitalizing the Route 1 Corridor has been one of my top priorities since being elected as the Woodbridge District Supervisor 4 years ago. The Jefferson Plaza Apartments are a key part of that revitalization effort,” Supervisor Franklin stated. “I would like to thank Standard Communities for investing in Woodbridge. I also would like to thank Christopher Shorter, Prince William CXO, for the professional staff work that was involved in bringing this much needed project forward,” she added.
“We are proud to provide financing and vital housing tax credits that will help make the construction of 240 new apartment homes a reality,” said Janet Wiglesworth, Interim CEO at Virginia Housing. “Jefferson Plaza will provide an affordable, conveniently located, modern community for residents in Prince William County and is a product of strong partnerships that have one goal in mind: to invest in the future of affordable housing in our communities.”
Based in New York and Los Angeles, Standard has a national portfolio of almost 20,000 apartment units and has completed more than $4.7 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.
