Standard Communities has established three new, diversified business lines to build on its success of providing high-quality affordable multifamily housing, announced company leaders.
The dedicated business lines—acquisition/redevelopment, new construction, and essential housing—will leverage and align the strengths and diversity of Standard’s staff and enable the company to execute faster and more efficiently.
“With our national geographic reach and ambitious vision for the future, it is important that our structure allows us to stay nimble and responsive to opportunities,” said Scott Alter, co-founder and principal. “Each team is narrow in focus and deep in expertise. We believe high-quality affordable housing is a pathway to prosperity and that our investment approach will allow us to expand our reach and leverage our existing infrastructure to have a greater impact on those with the greatest need.”
The firm, which has headquarters in New York and Los Angeles, outlined the new structure:
· Acquisition/Redevelopment: Led by chief investment officer Robert Koerner, this division is focused on the acquisition and redevelopment of at-risk project-based Section 8 communities and other strategic low-income housing tax credit (LIHTC) redevelopment opportunities involving non-project-based Section 8 communities;
· New Construction: Headed by chief development officer Feras Qumseya, this segment will engage the existing development pipeline and focus on building out a national 4% LIHTC new construction platform; and
· Essential Housing: Led by managing director of essential housing Chris Cruz, this unit is focused on innovative ways to create and preserve affordable and workforce housing communities without utilizing new LIHTC syndication.
“This strategy is a continuation of many core elements that have made Standard what is it today, including our commitment to quality, speed, and flexibility. We believe the refinement of our structure builds upon the entrepreneurial spirit that has been our fuel for success, while fostering accelerated growth and ensuring we continue to be a Great Place to Work-certified company,” said Jeffrey Jaeger, co-founder and principal.
This year, Standard Communities has grown its staff by more than 20% and acquired eight new communities, adding nearly 1,200 units. By year-end, Standard expects to acquire over 40 new communities, adding more than 5,600 units, bringing its portfolio to nearly 20,000 units across the country.