National—November 1, 2022—Standard Communities, a leading national multifamily housing investor and developer, announced today the launch of three unique and diversified business lines to support the company’s mission of providing high-quality, healthy, sustainable housing for individuals of all income levels.
The three specialized teams—Acquisition Redevelopment, New Construction, and Essential Housing—will better leverage and align the strengths and diversity of its people to innovate with greater speed and execute more efficiently.
“With our geographic reach and ambitious vision of housing over 100,000 people by 2030, it is important that our structure allows us to stay nimble and opportunistic. Each team is narrow in focus but deep in expertise. We believe housing is a pathway to human prosperity and that this specialized investment approach will allow us to expand our reach and leverage our existing infrastructure to have a greater impact on those with the greatest need,” said Scott Alter, Co-Founder and Principal of Standard Communities.
-Acquisition Redevelopment: Led by Chief Investment Officer Robert Koerner, this division is focused on the acquisition and redevelopment of at-risk Project Based Section 8 communities and other strategic Low Income Housing Tax Credit (LIHTC) redevelopment opportunities involving non-Project Based Section 8 communities.
-New Construction: Led by Chief Development Officer Feras Qumseya, this segment will engage the existing development pipeline and focus on building out a national 4% LIHTC New Construction platform.
-Essential Housing: Led by Managing Director of Essential Housing Chris Cruz, this team is focused on innovative ways to create and preserve affordable and workforce housing communities without relying on new LIHTC syndication.
“This strategy is a continuation of many core elements that have made our company what is it today, like our commitment to quality, speed, and flexibility. We believe the refinement of our structure builds upon the entrepreneurial spirit that has been our fuel for success, while fostering accelerated growth and ensuring we continue to be a Great Place to Work certified company,” said Jeffrey Jaeger, Co-Founder and Principal of Standard.
In addition to diversifying its business lines, since the start of 2022 Standard Communities has grown its staff by more than 20%, acquiring eight new communities, and adding nearly 1,200 units. By year-end, Standard expects to acquire controlling interests in over 40 new communities and add more than 5,600 units, bringing its portfolio to nearly 20,000 units across the country.
With headquarters in New York and Los Angeles, Standard has a national portfolio of over 14,600 apartment units and has completed more than $3.8 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.