- Standard Communities acquired a $1B affordable housing portfolio spanning 6K units, expanding into Colorado, Arizona, and Texas while strengthening its California holdings.
- The acquisition, backed by federal and local partnerships, aims to maintain affordability for families and seniors, with $30M in planned property improvements.
- The deal addresses housing needs in Colorado’s challenging market, where Denver and state programs seek to incentivize affordable housing amid high demand.
As reported in Bisnow, Standard Communities is entering the Colorado market with a major affordable housing acquisition—a $1B portfolio of 6K apartment units across four states.
By The Numbers
The acquisition expands the company’s national portfolio to approximately 27K units and supports the firm’s mission to provide attainable housing in high-demand markets. The portfolio acquisition spans 60 communities, with a resident population of over 13K.
This acquisition involved complex financing structures, including support from the Department of Housing and Urban Development, Fannie Mae (FNMA), and Freddie Mac (FMCC), along with state and local housing authorities.
Standard acquired general and limited partnership interests, gaining controlling stakes in tax credit funds managed with institutional investors. The firm plans to invest $30M in improvements across the portfolio, focusing on maintaining quality without displacing current residents.
Affordable Housing Challenge
Standard’s entry into Colorado aligns with ongoing efforts by state and local governments to address housing affordability.
Colorado’s housing market has become increasingly unaffordable, prompting Denver to adopt policies that encourage affordable housing development. One such policy is a mandate that new multifamily projects reserve up to 12% of units as affordable. For developers opting out, six-figure fees are an alternative.
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Broader Initiatives
Denver’s housing strategies include converting office space to residential units as part of a $570M downtown revitalization plan approved by voters this week.
However, voters appear to have rejected a proposed sales tax increase that would have raised an estimated $100M annually to fund additional affordable housing, a setback for Mayor Mike Johnston’s affordable housing goals.
The Road Ahead
Standard’s latest acquisition, part of a long-term growth strategy, aims to enhance housing accessibility in increasingly competitive markets.
By leveraging federal tax credits, partnerships, and targeted improvements, Standard positions itself as a key player in addressing housing needs for families and seniors across the western U.S.
