Standard Communities, one of the nation’s largest and fasting growing affordable housing investors, developers and operators, today announced it has acquired The Helston, a 186-unit mid-rise apartment community in Philadelphia’s Wynnefield Heights neighborhood. The acquisition marks Standard’s entry into Philadelphia and is the first investment from its new Community Reinvestment Act (CRA) fund. The fund is looking to invest an additional $150 million in affordable and multifamily workforce housing across the Philadelphia MSA, and Standard is actively pursuing its next acquisitions in the region.

“The Helston is the first of many investments we plan to make in Philadelphia,” said Christopher Cruz, Senior Managing Director, Essential Housing at Standard Communities. “We’re here for the long term. 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.”

Built in 1970, The Helston will receive nearly $4 million in capital improvements to address deferred maintenance and upgrade building systems across the property, with individual units renovated as they turn over so that current residents are not impacted. Nearly every unit at The Helston already rents below the 80% AMI threshold, and more than half of current residents earn less than 80% of area median income.

“This investment is a great example of how private capital can be used to preserve affordability for Philadelphia’s workforce. We’re proud to help ensure this housing remains a quality, affordable option for the local community for many years to come,” added Cruz.

Located at 3801 Conshohocken Avenue, The Helston overlooks Fairmount Park with views of the Philadelphia skyline and offers studio, one- and two-bedroom apartments. Amenities will include a renovated lobby, a 24-hour fitness center, garage parking and an on-site Zipcar. Residents are close to City Avenue shopping and dining, Saint Joseph’s University, the Philadelphia College of Osteopathic Medicine and SEPTA service.

About Standard Communities

Standard Communities is a national affordable housing investment, development, and operations platform with approximately $7 billion in assets under management, nearly 30,000 units, and over 200 communities across 22 states and Washington, D.C. For more information, visit standard-communities.com.

Disclosure/Disclaimer: Certain information in this release relating to project funding, financing sources, construction timelines, completion dates, unit counts and other statements are based on information available as of the date of this release and are subject to change without notice, including as a result of construction conditions, financing or closing contingencies, regulatory approvals, or other factors beyond Standard Communities’ control. Such information is provided for the general information and is not intended for, and may not be relied upon by, any third party, including but not limited to without limitation prospective investors, lenders, tenants, purchasers, media, government officials, for any purpose. Standard Communities undertakes no obligation to update this information except as may be required by law. These statements are based on current expectations, estimates, and assumptions as of the date of this release and are subject to risks, uncertainties, and changes in circumstances — including but not limited to construction delays, permitting and regulatory approvals, weather, supply chain and labor availability, financing conditions, and other factors beyond the company’s control — that could cause actual completion dates and outcomes to differ materially from those projected or implied. No representation or warranty, express or implied, is made as to the accuracy or achievability of any projected completion date, and/or property outcomes, and readers should not place undue reliance on these statements.

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