PHILADELPHIA, PA — Standard Communities has entered Philadelphia’s multifamily housing market with the acquisition of a 186-unit apartment building in Wynnefield Heights, launching a regional investment strategy that targets an additional $150 million in affordable and workforce housing.
The acquisition of The Helston, at 3801 Conshohocken Avenue, is the first investment from the company’s new Community Reinvestment Act fund. Standard Communities is pursuing additional properties across the Philadelphia metropolitan area as part of its expansion.
The company plans to invest nearly $4 million in improvements at The Helston, a mid-rise apartment complex built in 1970. The work will address deferred maintenance, modernize building systems and renovate apartments as they become vacant.
Standard Communities intends to preserve the property’s existing affordability while making those improvements. Nearly all 186 apartments currently rent at levels below the threshold associated with 80% of area median income, while more than half of residents earn less than 80% of the area’s median income.
Those figures place the property within a segment of the rental market serving households with moderate and lower incomes, making the acquisition part of the company’s strategy to retain existing housing rather than rely exclusively on new construction.
“The Helston is the first of many investments we plan to make in Philadelphia,” said Christopher Cruz, senior managing director of essential housing at Standard Communities.
“Our goal is to preserve housing that working families can afford, invest significant capital to take care of the properties, and be a reliable partner to the city, the housing agencies and, most importantly, the residents who live in our communities,” Cruz said.
The planned renovations will be phased to limit disruption to existing tenants. Individual apartments will be upgraded when they turn over rather than requiring current residents to vacate for renovations.
Property-wide improvements will include a renovated lobby and updates to building systems. The complex also offers a 24-hour fitness center, garage parking and access to an on-site Zipcar.
The Helston contains studio, one-bedroom and two-bedroom apartments overlooking Fairmount Park, with views of the Philadelphia skyline.
Its location provides access to City Avenue businesses, Saint Joseph’s University, the Philadelphia College of Osteopathic Medicine and SEPTA transportation services.
The transaction establishes Standard Communities’ initial presence in Philadelphia and provides a starting point for its planned investment in the region’s existing rental housing stock.
The company, which invests in, develops and operates affordable housing properties nationally, is using its Community Reinvestment Act fund to pursue additional multifamily acquisitions throughout the metropolitan area.
Cruz characterized the investment as an effort to use private capital to maintain existing affordable rental options while improving property conditions.
“We’re proud to help ensure this housing remains a quality, affordable option for the local community for many years to come,” he said.
The planned $150 million in additional regional investment would extend Standard Communities’ Philadelphia strategy beyond The Helston, with the company actively seeking its next acquisitions in the market.
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