NORTHFIELD, MN, December 18, 2025 – Standard Communities (Standard), a leading national affordable housing investor and developer with a growing portfolio spanning nearly 30,000 apartment units across 200 communities and $6 billion in assets under management across 22 states and Washington, D.C., acquired Jefferson Square, a 50-unit, 100% Project-Based Section 8 (HAP) townhome community in Northfield, MN, in an $8 million transaction. The transaction preserves long-term affordability in one of the region’s most supply-constrained markets and strengthens Standard’s growing Midwest portfolio.
Located at 1356 Jefferson Road, Jefferson Square spans 5.2 acres and includes nine residential buildings, three parking structures, and an administrative building. Originally redeveloped in 2010, Jefferson Square offers spacious two-, three-, and four-bedroom townhomes averaging 1,130 square feet — 11.7% larger than comparable market options — and features private entries, in-unit laundry, walk-out patios, private garages, and a community clubhouse. Community amenities include landscaped green spaces, garages, and proximity to transit, parks, healthcare services, and major employers. The property has maintained 98% average occupancy over the past five years, with current occupancy at 100%.
“Jefferson Square is a rare asset with family-sized units, stable operations, and strong community demand, making it a significant long-term preservation opportunity,” said Scott Alter, Co-Founder and Principal of Standard Communities. “Securing high-quality, affordable homes in high-opportunity communities like Northfield is core to our mission of providing safe, clean, and dignified housing for residents, with a specific focus on uplifting communities and improving quality of life.”
Situated in a rapidly growing corridor 40 minutes south of Minneapolis–St. Paul, Northfield is home to St. Olaf College and Carleton College and has been recognized by Money Magazine as one of the Best 50 Places to Live. The city features a diverse economic base spanning education, healthcare, manufacturing, and distribution, supporting strong rental demand and some of the lowest vacancy rates in Minnesota.
“Preserving affordability in markets like Northfield is essential, particularly where family-sized rental homes are scarce,” added Jessica Mackenzie, Senior Managing Director, Head of Acquisitions and Redevelopment at Standard Communities. “We look forward to partnering with local stakeholders to ensure Jefferson Square remains a high-quality, stable community for the long term.”
This acquisition advances Standard Communities’ mission to create, preserve, and improve affordable housing nationwide, building on its track record of long-term preservation strategies.
Based in New York and Los Angeles, Standard Communities is one of America’s leading affordable housing owners/developers. With a growing portfolio spanning nearly 30,000 apartment units across 200 communities, Standard serves more than 75,000 residents and has $6 billion in assets under management across 22 states and Washington, D.C. With expertise in development, acquisitions, renovations and construction, Standard Communities strives to cultivate long-term, innovative public-private partnerships to produce and preserve high-quality affordable housing, with a focus on uplifting communities and improving quality of life.
