Standard Communities, the affordable housing division of Standard Companies, has acquired The Commons at Princess Anne, an affordable apartment community for seniors in Virginia Beach, VA. Standard’s $21 million transaction and planned investment of more than $1 million into capital improvements at the property will ensure all 186 units continue to provide a welcoming and attractive community of high-quality, affordable housing for seniors.

“Older adults, many of whom are on fixed incomes, often find themselves priced out of the neighborhoods that they have been a part of for many years, or even decades. Our goal is to ensure that The Commons at Princess Anne provides high-quality, affordable housing that enables seniors to remain close and connected to their community, friends, and family,” said Tommy Attridge, Director of Southeast Production for Standard Communities.

Built in 2001, The Commons at Princess Anne features a central courtyard with picnic areas and grills, a large community room, and amenity spaces such as a fitness center,  hair salon, and walking paths. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region.

“Standard Communities is committed to creating, preserving, and improving affordable housing, and we look forward to our continued growth in Virginia,” said Scott Alter, Principal and Co-Founder of Standard Communities.

About Standard Communities

Founded in 2008, Los Angeles and New York based Standard Communities is the affordable housing division of Standard Companies, Standard Companies has a portfolio of over 13,000 apartment units, including more than 9,200 affordable units, and has completed more than $2.4 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.

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