Standard Communities had its biggest year yet in 2024. The Los Angeles-based affordable housing owner and developer acquired over 70 properties with 7,508 units last year, expanding its national portfolio to over 27,000 apartments serving approximately 60,000 residents.
Scott Alter, co-founder and co-principal, Standard Communities
Standard made all four of this year’s AHF 50 lists: No. 1 on the acquisitions list; No. 5 on the substantial rehab list, with over 1,500 units; No. 6 on the top owners list; and No. 33 on the top developers list, starting 507 units last year.
Affordable Housing Finance caught up with co-founders and co-principals Scott Alter and Jeffrey Jaeger to discuss last year’s activity and what’s in the pipeline for 2025.
2024 was a milestone year for Standard. What does the $1 billion portfolio acquisition symbolize for the company’s evolution and leadership in affordable housing?
Jeffrey Jaeger, co-founder and co-principal, Standard Communities
The $1 billion acquisition marks a significant inflection point in Standard’s growth and leadership in affordable housing. It reflects the scale we’ve achieved and our ability to lead in an industry where there is increasing consolidation. As others are pulling back, we’re leaning in and actively pursuing large-scale portfolio acquisitions as a core part of our strategy. The $1 billion portfolio acquisition signals our organizational and financial readiness to take on complex transactions that preserve affordability at scale. We have significant capital ready to support these strategic investments.
Our ability to execute at this level is also a testament to the strength of our people. We’ve assembled a team with deep expertise in affordable housing finance, tax credit structures, regulatory compliance, and institutional partnerships. This specialization enabled us to solve unique challenges such as navigating ground lease buyouts, acquiring general and limited partnership interests, and preserving affordability.
The portfolio acquisition reflects who we are and where we’re headed. Standard is built for scale, equipped to lead through complexity, and committed to long-term impact. As we continue to grow, we’re setting the standard for what it means to be a national leader in affordable housing, one that combines financial strength, operational excellence, and a focus on the people and communities we serve.
This was a highly complex, multi-state transaction. What were some of the toughest logistical or financial challenges, and how did your team overcome them?
This was one of the most complex transactions Standard has ever undertaken, both logistically and financially. It involved more than 60 properties across four states, each with its own regulatory, financing, and operational structure. We took control of the real estate by acquiring general and limited partnership interests, including controlling stakes in tax credit funds managed by institutional investors, which added complexity to the transaction.
From a financial standpoint, we were operating in a difficult interest rate environment that challenged both the debt and equity capital markets. To make the deal work, our team navigated new financing facilities, tax credit investor partners, nonprofit partners, ground lease buyouts, and loan assumptions with numerous governmental and private lenders simultaneously on a fixed timeline.
Our highly specialized team met these challenges head-on. Their deep expertise, creative problem-solving, and a focus on our mission to create more vibrant, sustainable, and affordable communities were critical to our success. We leaned on our reputation for doing what we say we’ll do, as well as our strong track record of building and maintaining strong partnerships with the public sector and its agencies. This transaction exemplifies what Standard does best: bringing together people, capital, and purpose to deliver large-scale impact. It reinforced our ability to execute in the most complex environments and positioned us to continue leading transformative investments in affordable housing across the country.
As your portfolio grows across more states and more residents, how are you evolving to maintain the same level of responsiveness and community impact?
As we grow, we continue to prioritize the human aspect of housing by creating communities that are not just affordable, but dignified, well-managed, well-maintained, and rooted in long-term impact. Standard has a dedicated Community Impact team that works to maximize the positive outcomes our properties have on both residents and the neighborhoods we serve.
We aim to implement initiatives and programs that support a high quality of life, build community, reduce barriers to opportunity, and promote economic mobility. Most of our properties have a resident services coordinator who helps to address residents’ material, physical, and emotional needs while fostering a sense of belonging. We’ve established long-term partnerships with organizations to deliver meaningful services and bring together people, ideas, and resources that can shift the trajectory of our residents’ lives.
Standard remains deeply committed to maintaining the same level of responsiveness and care that has always defined our work. At the heart of our approach is stewardship and a commitment to ensuring every property we own contributes to the comfort, safety, and well-being of our residents.
How does Standard plan to build on its momentum to tackle the national need for affordable housing in 2025 and beyond?
Standard is building on the momentum of 2024 by expanding the proven strategies that drive our success: a focused, disciplined approach anchored in strong public-private partnerships. We know that solving the affordable housing crisis requires collaboration across all levels of government and the private sector. Our model combines federal, state, and local resources with private capital and development expertise to deliver lasting, scalable solutions.
These partnerships are central to our ability to create and preserve housing that is both financially viable and responsive to community needs. By aligning public policy objectives with private-sector execution, we can move with greater speed, precision, and impact.
To meet the growing demand for affordable housing nationwide, we operate across three specialized business lines: acquisitions and redevelopment, essential housing, and new construction. Each business line is tailored to address a specific housing crisis segment, allowing us to act quickly and effectively. The teams are narrow in focus but deep in expertise, so we can scale our impact, respond to new opportunities, and extend our reach into the communities that need it most.
What is in the pipeline for 2025?
We have a robust pipeline for 2025. We’re continuing to add diverse opportunities to our pipeline, including the preservation and rehabilitation of existing affordable communities, ground-up developments, senior housing, and workforce housing. Our upcoming projects span a broad range of area median incomes (AMIs), ensuring we serve a wide spectrum of residents from low-income seniors to essential workers. We’re preparing to expand into new markets and states this year, building on the momentum of our recent multi-state acquisitions and deepening our national footprint.
Currently, we have over $1.5 billion in new developments in the pipeline and more than $1 billion in existing deals underway. In addition, our Essential Housing team is pursuing large portfolio acquisitions similar in scale to the major transaction we closed at the end of 2024. These efforts position us for continued growth and greater impact in addressing the nation’s affordable housing needs.
With a staff count now over 100, what’s important to you when it comes to the company culture?
With a team of over 100, it’s more important than ever that our culture stays grounded in the values that define us. At Standard, we act with kindness, treating each other, our partners, and our residents with respect. We sweat the details because we know that excellence is built on precision and care. And we move with urgency, understanding the scale of the housing crisis and the responsibility we have to respond quickly and effectively. Staying grounded in these values ensures we remain aligned, connected, and motivated as we continue to grow.
How are you navigating today’s uncertainty?
Standard was founded in the depths of the 2008 housing crisis, one of the most turbulent periods in real estate and financial history. From the beginning, we’ve operated in environments defined by volatility. We learned early on how to move with discipline and make strategic decisions under pressure. That foundation has become a core strength, enabling us to navigate today’s challenges, including market fluctuations, rising interest rates, and shifting policy landscapes, with confidence and clarity.
Over the years, we’ve built a strong track record of delivering results in both favorable and challenging conditions. For example, we had our first billion-dollar year during the COVID-19 pandemic, and, despite the high interest rates, we closed on the 60-plus-property portfolio at the end of 2024. With a robust organizational structure, diversified business lines, and access to capital, we have created a resilient model that allows us to act decisively, even as external conditions evolve.
Equally critical to our success is our team. Standard is powered by people with deep expertise across asset management, finance, acquisitions, development, construction, legal, risk management, and compliance. Their ability to collaborate, problem-solve, and execute complex transactions is what enables us to consistently deliver high-impact affordable housing, even in the most uncertain times.
