Washington, D.C. — Standard Communities, the affordable housing division of Standard Property Company, is pleased to announce the acquisition of Colony House Apartments in Providence, Rhode Island. All 101 apartments homes will continue to provide affordable housing to low-income seniors and disabled individuals, and the property will receive an extensive renovation in the coming months. No residents will be displaced during the renovation, which will upgrade unit interiors, as well as enhance the common and amenity spaces at the site.
“We are excited to continue our work in Providence, and this acquisition and the upcoming renovation of Colony House will enable the property to continue providing a strong community for low-income seniors for the foreseeable future,” said Standard Communities Co-Founder Scott Alter.
The acquisition of Colony House is Standard’s second acquisition, rehabilitation, and preservation of affordable housing in Providence, with the now-renovated Charles Place Apartments being the first. Somerset Pointe features 101 apartment homes reserved for low-income seniors and disabled residents. Following the renovations, these residents will have access to a new fitness center, recreation area, and community room. A service coordinator will serve the residents of Colony House, ensuring that residents are able to attend doctor’s appointments, run errands in the community, and remain socially engaged with their neighbors.