Standard Communities, the affordable housing division of Standard Companies, is pleased to announce it has acquired Curtis Arms Apartments in the Olneyville neighborhood of Providence, Rhode Island. Standard Communities will be implementing a large-scale rehabilitation of the 106-unit property as part of their effort to preserve the property as high-quality affordable housing for years to come.
“We’re immensely excited about the opportunity that Curtis Arms presents. Similar to our other Providence properties, we believe that the upcoming work at Curtis Arms will prove transformative for the residents and the neighborhood,” said Scott Alter, co-founder of Standard Companies.
“As the City of Providence continues to transform, we’re excited to be able to ensure that the Olneyville community has access to high-quality, affordable housing. Many residents have long-established ties to the neighborhood, and we want to help them flourish, which is tough to do if they are worried about being priced out of their community or if their homes are in need of significant repairs,” added Joe Ouellette, Partner and Head of East Coast Operations for Standard Communities.
Demonstrating its commitment to creating a space residents and the neighborhood can be proud of, Standard plans to invest more than $6 million to revitalize and modernize the property. In addition to overhauling unit interiors, renovations will update building systems such as the roof and elevators, as well as provide common areas and amenity spaces for resident use and improve the energy efficiency of the property. No residents will be displaced as a result of this work.
- Multi Family Press: Standard Communities Acquires, Will Renovate Curtis Arms Apartments in Providence
- Multi Housing News: Standard Communities Nabs Affordable RI Asset
- Re Business Online: Standard Communities Purchases 106-Unit Affordable Housing Community in Rhode Island