National–January 11, 2022 – Standard Communities, a leading affordable housing investor and developer, has entered 2022 with strong momentum from record growth last year that brought total capitalization of its portfolio to over $3.6 billion.
“Our focus on creating and preserving affordable housing for low-income families gives Standard strong momentum entering 2022. While 2021 was our biggest year ever, it will be exceeded in the first half of this year, with over 5,000 units in the pipeline with a total capitalization of over $1.5 billion,” said Jeffrey Jaeger, Co-founder and Principal of Standard Communities.
“Applying our affordable housing expertise in communities across the country, Standard acquired 26 properties, comprising over 4,400 units, with over $1 billion in total capitalization, in 2021,” said Scott Alter, Principal and Co-founder of Standard Communities.
“As the need for affordable housing continues to grow in 2022 we are building upon our success of last year, where we provided over 10,000 new residents an affordable and safe place to call home. We now serve over 30,000 residents across our nationwide portfolio,” said Mr. Alter.
Standard’s investments have significant economic impact throughout the U.S.
“With renovations completed at nine Standard properties across the country—North Carolina, South Carolina, Idaho, Hawaii, D.C., California, and New York—we created almost 1,200 local jobs and generated over $26 million in taxes and other revenue for local governments,” said Mr. Jaeger.
“Every property we acquire is an investment in stronger communities. While the number of affordable homes we have created or preserved can be counted, our success in improving communities cannot be captured in numbers alone. Seeing a resident who is now proud of their home, who is taking advantage of programming to better themselves, or who can say that they are better off now than they were previously, is key to our definition of success,” said Joe Ouellette, Standard’s Chief Strategy Officer.
Some of Standard’s notable accomplishments in 2021 included:
- Launch of the Standard Faring Essential Housing Fund with the goal of creating $2 billion of “missing-middle” workforce housing throughout California
- A new ground-up development division, which already has over $400 million and 1,300 units in its pipeline
- Expanding to new states, including Idaho, New Jersey, and Massachusetts
- Launch of a unique Affordable Housing Bootcamp for college students across the country, in partnership with Project Destined
- Establishing a Community Impact and ESG team within Standard Communities
- Joining the U.S. Department of Energy Better Buildings Challenge and Climate Challenge, with Standard committing to reduce energy usage throughout its multifamily portfolio by at least 20% and reduce Green House Gas Emissions by at least 50% within 10 years
“We’re committed to providing individuals and families with quality, affordable and sustainable homes. That’s why we take a holistic approach to integrating environmental sustainability practices into each transaction. All of our acquisitions include robust energy efficiency upgrades that come at no cost to the residents and saves them hundreds of dollars in utility bills every year. We’re not just investing in properties; we’re investing in the community,” said Mr. Alter.
“It has been amazing to see the power of our public-private partnerships to impact communities. Crafting our developments to create neighborhoods that support housing stability and economic opportunity while being committed to healthy and inclusive growth is a challenging needle to thread. In the end, it is incredibly rewarding and humbling to see the development process come into fruition, the transformation of properties and neighborhoods, and the impact we have on cities and our residents,” said. Mr. Ouellette.
Mr. Ouellette added, “Since the beginning of 2020, our staff has grown by 70%, adding talented professionals to our acquisitions, asset management, compliance, construction services, capital markets, accounting, human resources, and communications teams. We have ambitious goals for the future, and these goals are a direct reflection of the caliber of our team and the culture we will continue to build out at Standard Communities: A culture of challenge and support, collaboration, and innovation in an organization where people can thrive professionally and personally.”
Based in New York and Los Angeles, Standard Communities has a national portfolio of over 13,500 apartment units and has completed more than $3.6 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.