Washington, D.C.– Standard Communities, the affordable housing division of Standard Companies, has acquired Ritch Homes Apartments, located at 1420 and 1424 R Street NW, Washington, D.C. The property consists of 42 rent-subsidized apartments for low income families. Standard will add four units to the site as part of an extensive renovation. Purchased for approximately $15 million with a $30 million total capitalization, this transaction will preserve and extend the community’s affordability for the next 30 years.
Completed via a public-private partnership, Standard Communities worked on this transaction with the DC Housing Finance Authority (DCHFA), the U.S. Department of Housing and Urban Development (HUD), the DC Department of Housing and Community Development (DHCD), Housing on Merit (HOM), Darrell Green Enterprises and the 1420-1424 ouR St Tenants Association.
“We are proud to expand our presence in D.C. and to continue our efforts to help the District meet its affordable housing goals,” said Scott Alter, Co-founder and Principal of Standard Communities. “Utilizing private capital, and working with the 1420-1424 ouR St Tenants Association and the District, allowed Standard to assist the community’s residents by preserving the long-term affordability of these apartments,” said Mr. Alter.
Built in 1920, the community consists of two separate buildings with 42 Section 8 family units. Renovations will include updated kitchens and bathrooms, new appliances, flooring, common area lighting, security systems and solar panel systems. Amenities such as a fitness center and business center will also be added as part of the renovations.
The acquisition of Ritch Homes builds upon Standard Communities’ successful partnerships with tenant associations through the Tenant Opportunity to Purchase Act (TOPA.) Via a similar TOPA process, Standard acquired Fort Chaplin Park Apartments in the District of Columbia, where the Standard-led team expanded the affordability at that community and ensured the apartments remain affordable for at least 30 years. In addition, Standard completed a comprehensive $33 million, tenant-in-place renovation that upgraded unit interiors, modernized building systems and added a 5,000 square foot LEED certified Community Center at Fort Chaplin Park Apartments.
Praised by D.C. Mayor Muriel Bowser and Congresswoman Eleanor Holmes Norton, Standard Communities’ acquisition and rehabilitation of the 549-unit Fort Chaplin Park Apartments was the largest tax-exempt bond and Low Income Housing Tax Credit-financed preservation of affordable housing transaction in Washington, D.C., history. Fort Chaplin Park Apartments received the Affordable Housing Tax Credit Coalition’s Excellence Award in the Preservation Category and features the largest rooftop community solar system in D.C.
“Standard has significant experience preserving affordable housing in Washington, D.C., and has created or preserved over 2,350 units of affordable housing in the Mid-Atlantic region,” said Tommy Attridge, Standard’s Director of Southeast Production. We look forward to working with the 1420-1424 ouR St Tenants Association and other tenant associations to create vibrant, affordable housing communities that are wellsprings of opportunity,” added Mr. Attridge.
“Housing on Merit’s commitment to preserving affordable housing in Washington, D.C., has not waivered during the public health emergency. The pandemic has reinforced how important it is that we continue to provide residents with safe and affordable places to live. To that end, we’re grateful for our partnership with Standard Communities in preserving the affordability of an additional 42 units of multifamily housing in the District,” said Jennifer Litwak, Executive Director for Housing on Merit.
“I’m proud to partner with Standard Communities on another transaction that will transform and uplift the community,” said Darrell Green, founder of Darrell Green Enterprises and Hall of Fame cornerback for the Washington Football Team. “Standard’s commitment to work with tenant associations to craft win-win developments that bring vitality to neighborhoods sets them apart,” added Mr. Green.
Standard Communities is the affordable housing division of Standard Companies. Based in Los Angeles and New York, Standard Companies has a portfolio of approximately 13,700 apartment units, including 9,700 affordable units and has completed more than $2.6 billion of affordable housing acquisitions and rehabilitations nationwide. These transactions include the largest tax-exempt bond and LIHTC financed affordable housing transactions in the respective histories of Illinois, California, and Washington, D.C.
Housing on Merit (HOM) is a 501(c)(3) nonprofit organization, with a mission to create a bridge to permanent affordable housing for vulnerable populations. HOM is a co-developer of numerous bond-financed and government-supported affordable multifamily housing projects, many of which benefit from allocations of federal low-income housing tax credits.
Darrell Green is a Hall of Fame former cornerback with the Washington Football Team. During his record-setting 20-year NFL career with the team, his on-field accomplishments included two Super Bowl victories, seven selections to the Pro Bowl and four NFL Fastest Man competitions. In 1991, he was the World’s Fastest Athlete. Off the field, Darrell Green is known as a mentor to many and a business leader.
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