STANDARD COMMUNITIES ANNOUNCES ACQUISITION, REHABILITATION OF 128 AFFORDABLE APARTMENTS IN FAIRFIELD, CA

Standard Communities, the affordable housing division of Standard Companies, is pleased to announce the acquisition and upcoming renovation of Parkside Villa Apartments and Rockwell Manor Apartments, both located in Fairfield, California. All 128 units will benefit from the large-scale renovation of the properties, which will ensure that they provide high-quality affordable housing to families in Fairfield for generations to come.

“We’re immensely excited about the opportunity that Parkside Villa Apartments and Rockwell Manor Apartments presents. The City of Fairfield, as with so much of the North Bay area, continues to enjoy a strong economy, making it incredibly important that the affordable housing stock is both preserved and modernized. The preservation of these properties as dedicated affordable housing, combined with the upcoming renovation, will prove transformative for the families that live here, in a region with significant unmet demand for affordable homes,” said Jeffrey Jaeger, Co-Founder of Standard.

Demonstrating its commitment to creating homes that residents and the community can be proud of, Standard Communities plans to undertake an $7 million renovation designed to upgrade nearly every aspect of the properties, and will do so without displacing residents during the renovation. In addition to overhauling unit interiors and improving energy efficiency, the renovation scope will modernize building systems, update facades, and both expand and improve common areas and amenity spaces for resident use. Despite the comprehensive renovation, there will be no increase in residents’ rents.

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