Standard Communities, a leading national affordable housing investor and developer, is making its entry into Michigan in a joint venture with River Caddis Development to create a ground-up affordable community in Kalamazoo.
River’s Edge will have 228 units, with 184 reserved for residents earning no more than 60% of the area median income (AMI). The additional 44 units are for those with incomes under 120% of the AMI. Affordability is made possible by low-income housing tax credits.
"Our first investment in Michigan, the development of River’s Edge in Kalamazoo, is 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 is instrumental in making this a reality, and we look forward to expanding our work in Michigan," said Jeffrey Jaeger, co-founder and principal of Standard Communities.
River’s Edge is capitalized at $56 million, with WNC as the equity partner. Other development partners include the Michigan State Housing Development Authority, Kalamazoo County, and the city of Kalamazoo.
The community is comprised of two parcels totaling 7.4 acres northeast of downtown Kalamazoo. River's Edge will include two four-story multifamily buildings, a four-unit live/work building, and a commercial building featuring a leasing office. Resident amenities will include a fitness center, a playground, and an 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 is aiming to be National Green Building Standard Silver certified and will be built to achieve high performance in site design, resource efficiency, water efficiency, energy efficiency, indoor environmental quality, and operation and 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 Standard and 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 $4.4 billion in assets under management across 18 states and Washington, D.C.
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.
