Standard Communities Completes Preservation Deal for At-Risk Affordable Housing Site in Arlington County

New York, NY — Standard Communities, the affordable housing division of Standard Property Company, a real estate investment and management firm focused on multi-family assets nationwide, is pleased to announce that it has acquired, in partnership with the National Foundation for Affordable Housing Solutions (NFAHS), the 294-unit Park Shirlington apartment community in Arlington, Virginia. The transaction preserves Park Shirlington as a well-located naturally occurring affordable housing property in the immediate term, while new ownership explores potential long-term preservation options that best serve the community and its residents.

The 16-acre property is adjacent to the Village at Shirlington, a premier dining and entertainment destination located just outside of Washington, D.C. The community provides quality housing options in an amenity-rich neighborhood that would otherwise be out of reach for most of the lower-income families that currently call Park Shirlington home.

“The acquisition of Park Shirlington is an especially exciting transaction for our team and for the property’s residents,” said Standard Communities Co-Founder Jeff Jaeger. “As we look toward the future of Park Shirlington, we are thrilled to have the opportunity to reinvigorate the complex and bring it into its next phase of development.”

Standard Communities Partner and Head of East Coast Operations Joe Ouellette added, “We feel like we put together a great team for this project and are very excited to have this unique opportunity. We know the next steps for Park Shirlington will require careful study and will likely include many hurdles, but we are confident that with the team we have assembled, and input from community stakeholders, we can make this site an even better part of a great neighborhood.”

Todd Travis, President and CEO of the National Foundation for Affordable Housing Solutions, noted that, “Park Shirlington’s location made it an important acquisition opportunity in that it provided affordable housing in the opportunity-rich environment that is Shirlington Village. There are fewer and fewer properties in the D.C. area that allow lower-income residents to call an amenity rich, walkable community home. We are proud to be involved in helping to shape the future of Park Shirlington for the better.”