“This L.P. transaction demonstrates Standard’s creative and nimble approach to preserving affordable housing in the Boston market. We look forward to raising additional funds to ensure affordable housing is preserved across the country,” said Joon Lee, Director of Strategic Capital at Standard Communities.
“Standard strives to connect our capital with our values. This public-private partnership is a major investment in Atlantic City that will leverage local resources to serve our residents, and renovations on the property will provide significant utility savings for the residents through our sustainability initiatives at Baltic Plaza,” said Scott Alter, Principal and Co-Founder of Standard Communities.
“Our investment in the Starling Village is part of our broader commitment to continuously work to revitalize neighborhoods by improving social and economic mobility of our residents,” said Scott Alter, Principal and Co-Founder of Standard Communities.
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“Having a trusted, people-first leader like Joe as our Chief Strategy Officer is essential to our mission to make Standard the premier affordable and workforce housing organization. Joe brings a truly unique set of skills, perspectives, and existing relationships that align seamlessly to our existing leadership team and with our vision for the future,” said Scott Alter, Principal and Co-Founder of Standard.
“In addition to saving the residents an average of $1,050 annually in electricity costs, the 1.368 million kWh of electricity generated each year by the new solar photovoltaic system will provide significant environmental benefits. This system will offset the equivalent of 968 metric tons of carbon, which is the equivalent of cars driven 2.4 million miles annually or consuming 109,000 gallons of gasoline,” said Jeff Jaeger, Co-Founder and Principal of Standard.
"The Bridgeview Village acquisition had a total capitalization of over $97 million, including a $22 million renovation. Built in 1971, Bridgeview Village is a 100 percent affordable community featuring 300 units in 26 residential buildings on a 22-acre site. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract," said Tommy Attridge Director of Southeast Production for Standard Communities.
"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." said Scott Alter, Principal and Co-Founder of Standard Communities.
“At a time when economic insecurity is at an all-time high, Standard Communities is proud to invest into Massachusetts affordable housing and is committed to providing high-quality, affordable workforce housing that will enhance the quality of life of Methuen and Westwood residents,” said Joon Lee, Director of Strategic Capital at Standard Communities.
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