First acquisition from Standard’s latest Community Reinvestment Act fund marks the start of a long-term commitment to preserving affordable housing in the Philadelphia metro area
Philadelphia, PA, October 28, 2026 — Standard Communities, one of the nation’s largest and fasting growing affordable housing investors, developers and operators, today announced it has acquired The Helston, a 186-unit mid-rise apartment community in Philadelphia’s Wynnefield Heights neighborhood. The acquisition marks Standard’s entry into Philadelphia and is the first investment from its new Community Reinvestment Act (CRA) fund. The fund is looking to invest an additional $150 million in affordable and multifamily workforce housing across the Philadelphia MSA, and Standard is actively pursuing its next acquisitions in the region.
“The Helston is the first of many investments we plan to make in Philadelphia,” said Christopher Cruz, Senior Managing Director, Essential Housing at Standard Communities. “We’re here for the long term. Our goal is to preserve housing that working families can afford, invest significant capital to take care of the properties, and be a reliable partner to the city, the housing agencies and, most importantly, the residents who live in our communities.”
Built in 1970, The Helston will receive nearly $4 million in capital improvements to address deferred maintenance and upgrade building systems across the property, with individual units renovated as they turn over so that current residents are not impacted. Nearly every unit at The Helston already rents below the 80% AMI threshold, and more than half of current residents earn less than 80% of area median income.
“This investment is a great example of how private capital can be used to preserve affordability for Philadelphia’s workforce. We’re proud to help ensure this housing remains a quality, affordable option for the local community for many years to come,” added Cruz.
Located at 3801 Conshohocken Avenue, The Helston overlooks Fairmount Park with views of the Philadelphia skyline and offers studio, one- and two-bedroom apartments. Amenities will include a renovated lobby, a 24-hour fitness center, garage parking and an on-site Zipcar. Residents are close to City Avenue shopping and dining, Saint Joseph’s University, the Philadelphia College of Osteopathic Medicine and SEPTA service.
About Standard Communities
Standard Communities is a national affordable housing investment, development, and operations platform with approximately $7 billion in assets under management, nearly 30,000 units, and over 200 communities across 22 states and Washington, D.C. For more information, visit standard-communities.com.
