An affordable housing-focused real estate firm has made is second investment in Atlantic City this year, it announced this week.
Standard Communities, which is based in New York and Los Angeles, has acquired New York Avenue Apartments, a 151-unit affordable senior community at 233 N. New York Ave., for a total capitalization of approximately $35.9 million.
The property will undergo a renovation budgeted at more than $10 million.
“Standard is not only investing in the building; we’re investing in the people who call this community home,” Steven Kahn, who oversees Standard’s acquisitions in New Jersey and Pennsylvania, said in a prepared statement. “We are proud of this public-private partnership, which not only provides these residents with the peace of mind that comes with a commitment to long-term affordability at the property, but will result in nearly every aspect of the property being upgraded and modernized.”
The public-private partnership was completed with the U.S. Department of Housing and Urban Development and the New Jersey Housing and Mortgage Finance Agency. It was financed with Low Income Housing Tax Credits arranged in partnership with PNC Bank, with other financing provided by Citibank.
“This renovation will revitalize the property, improving energy efficiently and comfort throughout the living space,” Melanie Walter, executive director of the NJHMFA, said in a statement. “This partnership between Standard Communities and NJHMFA will allow for New York Avenue Apartments to serve as high-quality, affordable housing for many years to come.”
Standard announced the acquisition of Baltic Plaza, a 169-unit affordable senior community at 1313 Baltic Ave., in April.
