Standard Communities, a national company specializing in multifamily housing investments and development, has expanded its presence in Minnesota with its second investment within a month. The company has acquired a 100% affordable community located in Duluth.
In partnership with the public sector, Standard led the acquisition of Lenox Place Apartments at 701 W. Superior Street. This complex consists of 152 units and was built in 1980 to cater to seniors and individuals with disabilities. Out of these units, there are 143 one-bedroom apartments and nine two-bedroom apartments. The total cost for this transaction is $37.14 million.
The funding for this project includes Low Income Housing Tax Credits obtained through the Minnesota Housing Finance Agency as well as tax-exempt bonds issued by the Housing Redevelopment Authority of Duluth . Huntington Bank provided equity through Tax Credits . In order to improve living conditions at Lenox Place Apartments , Standard will invest approximately $12 million into renovations for this fourteen-story property .
This recent acquisition marks Standard’s first investment venture in Minnesota , following their purchase of Rivertown Commons – an affordable senior community consisting of ninety-six units located in Stillwater – which was capitalized at $27 .7 million.
