Standard Communities, a national company that invests in and develops multifamily housing, has recently made its first investment in Minnesota. They have acquired Rivertown Commons, a 96-unit affordable community for seniors and individuals with disabilities located in Stillwater. The total cost of the transaction is $27.8 million.
This acquisition was completed through a partnership between Standard Communities, the Washington County Community Development Agency, and the Minnesota Housing Finance Agency (MHFA). Huntington Bank provided tax credit equity for the project.
Rivertown Commons is situated at 212 2nd Street North and was originally built in 1978 with renovations done in 2007. It offers one and two-bedroom units to its residents. Standard plans to invest nearly $9 million into renovating this affordable senior community.
According to Robert Koerner, Chief Investment Officer at Standard Communities: “There is high demand for senior affordable housing within Washington County.” He also stated that partnering with state and county agencies on this deal showcases how public-private partnerships can play an important role in addressing the current affordable housing crisis. This successful transaction encourages Standard Communities to seek out more investment opportunities within Minnesota’s market.
This article was originally published by Connect CRE but has been rewritten by our team of writers.
