Kalamazoo, MI, September 23, 2024—Standard Communities, a national multifamily housing investor and developer, has partnered with River Caddis Development, of Lansing Michigan, by making its first investment in Michigan, whom are leading a public private partnership developing a ground-up affordable community in Kalamazoo.
The development, River’s Edge, is capitalized at $56 million.
“We are thrilled to make our first investment in Michigan with the development of River’s Edge in Kalamazoo. This project represents a significant step forward in our mission to create vibrant, sustainable communities that provide high-quality affordable housing for families. The collaboration with our public and private partners has been instrumental in making this vision a reality, and we look forward to continuing our work in Michigan,” said Jeffrey Jaeger, Co-Founder and Principal at Standard Communities.
The community will include 228 units, with 184 units being affordable for those who earn at or less than 60% of the AMI, made possible through Low Income Housing Tax Credits. The other 44 units are for those who earn at or less than 120% of the AMI. The development is a joint venture between Standard Communities and River Caddis Development. The public private partnership includes the Michigan State Housing Development Authority, Kalamazoo County and the City of Kalamazoo. WNC & Associates is the equity partner.
Located at 508 Harrison Street and 660 Gull Road, River’s Edge is comprised of two parcels totaling 7.4 acres northeast of downtown Kalamazoo. The community will include two 4-story multifamily buildings, one 4-unit live/work building and one commercial building featuring a leasing office and resident amenities such as a fitness center, playground and outdoor terraced patio. The community will have access to pedestrian paths connecting with the 35-mile Kalamazoo River Valley Trail.
“This northside neighborhood of Kalamazoo is undergoing an unprecedented revival with an appealing mix of businesses, shops, restaurants and affordable apartments. The area is being transformed from an industrial and commercial district into a residential, live-work-play community within walking distance from downtown Kalamazoo,” said Robert Koerner, Chief Investment Officer at Standard Communities.
The property will be National Green Building Standard (NGBS) Silver-certified, meaning the development is designed and built to achieve high performance in six key areas: Site Design, Resource Efficiency, Water Efficiency, Energy Efficiency, Indoor Environmental Quality, and Operation & Maintenance.
“We are thrilled to bring this new affordable housing project to Kalamazoo,” said Kevin McGraw, CEO of River Caddis Group. “At River Caddis Communities, our goal is to create homes that provide opportunity and stability for residents, and this project represents a significant step toward achieving that. We are excited to work with local partners to ensure that this development has a lasting, positive impact on the Kalamazoo community.”
Based in New York and Los Angeles, Standard has a portfolio of over 20,600 apartment units and $4.4B in assets under management across 18 states and Washington, DC. With expertise in development, acquisitions, renovations and construction, Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.
River Caddis Communities is the mission-driven affordable housing division of River Caddis Group, a full-service real estate development and advisory firm based in Lansing, Michigan. Focused on building sustainable and inclusive communities, River Caddis Communities provides affordable housing options to ensure that everyone, regardless of income, can find a quality home. River Caddis Group has successfully developed projects across various sectors, including multifamily housing, retail, office, and mixed-use developments. With a solutions-based approach, River Caddis Group fosters strong public-private partnerships to create impactful and lasting developments.
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