BOSTON–Standard Communities, the affordable housing division of Standard Companies, has acquired the L.P interest in Norway Housing, a 136-unit family designated affordable housing property in Boston.
The scattered-site property is comprised of three 5- and 6-story buildings located within a half-mile of each other at 99 Norway Street, 30 Hemenway Street, and 87 St. Stephen Street.
“This L.P. transaction demonstrates Standard’s creative and nimble approach to preserving affordable housing in the Boston market,” said Joon Lee, Director of Strategic Capital at Standard Communities. “We look forward to raising additional funds to ensure affordable housing is preserved across the country,” added Mr. Lee.
Standard is targeting Massachusetts affordable housing properties via its Preservation Fund, which is focused on preserving New England affordable housing.
In January, Standard acquired Mills Falls Apartments in Methuen, a 97-unit mixed-income property, and Westwood Glen Commons in Westwood, a 156-unit naturally occurring affordable senior community. All three acquisitions were led by Joon Lee, and with the acquisition of Norway Housing, Standard has acquired over 1,300 units in the Northeast.
“Standard Communities is proud to expand our portfolio in Massachusetts and to address the crucial need for safe and comfortable affordable housing,” said Sean Carpenter, Standard’s Boston-based Director of Northeast Development.
“We are committed to playing a larger role in alleviating the affordable housing crisis in Massachusetts and enhancing the quality of life for Boston residents, with this and future investments,” said Scott Alter, Principal and Co-Founder of Standard Communities.
“We are pleased to partner with Standard Communities, whom we regard as a premier owner-operator and leader in the affordable housing space,” said Michael Martin, President of Wingate Management Company, the management agent and affiliate of the general partner of Norway Housing.
Based in New York and Los Angeles, Standard Companies has a portfolio of over 15,000 apartment units, including approximately 11,000 affordable units, and has completed more than $2.6 billion of affordable housing acquisitions and rehabilitations nationwide. The affordable housing division of Standard Companies is Standard Communities, which strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.