Company leaders announced that Standard Communities has established three new, diversified business lines to build on its success in providing high-quality affordable multifamily housing.
Dedicated lines of business—acquisition/redevelopment, new construction, and basic housing—will leverage and align the strengths and diversity of standard employees, enabling the company to execute faster and more efficiently.
“With our National Geographic reach and ambitious vision for the future, it’s important that we have a structure that allows us to remain nimble and responsive to opportunities,” said co-founder and principal Scott Alter. “Each team has a narrow focus and deep expertise. We believe that high-quality affordable housing is the path to prosperity and our investment approach will allow us to expand our reach and leverage our existing foundation Facilities have a greater impact on those who need it most.”
The New York and Los Angeles-based firm outlined the new structure:
· Acquisition/Rebuild: Led by Chief Investment Officer Robert Koerner, the division focuses on the acquisition and redevelopment of risk-based project-based Section 8 communities and other strategic low-income housing tax credits (LIHTC) involving non-project-based Section 8 communities ) reconstruction opportunities;
· New building: Led by Chief Development Officer Feras Qumseya, the division will leverage the existing development pipeline and focus on building 4% of the nation’s LIHTC new construction platforms; and
· Basic housing: Led by Chris Cruz, General Manager of Essential Housing, the division focuses on innovative ways to create and maintain affordable housing and workforce housing communities without leveraging the new LIHTC consortium.
“This strategy is a continuation of many of the core elements that have made the Standard what it is today, including our commitment to quality, speed and flexibility. We believe that improvements to our structure are built on the entrepreneurial spirit that underpins our success , while fostering accelerated growth and ensuring we continue to be a Best Place to Work Certified company,” said co-founder and principal Jeffrey Jaeger.
This year, Standard Communities has grown its workforce by more than 20% and acquired eight new communities, adding nearly 1,200 units. By the end of the year, Standard expects to acquire more than 40 new communities and add more than 5,600 units, bringing its product portfolio to nearly 20,000 units nationwide.