LOS ANGELES — Standard Communities, a Los Angeles-based investor and developer of affordable multifamily housing including seniors housing, has established three new, diversified business lines.
The three dedicated business lines — acquisition/redevelopment, new construction and essential housing — aim to leverage and align the strengths and diversity of Standard’s staff and enable them to execute faster and more efficiently.
“With our national geographic reach and ambitious vision for the future, it is important that our structure allows us to stay nimble and responsive to opportunities,” says Scott Alter, co-founder and principal of Standard Communities. “Each team is narrow in focus and deep in expertise. We believe high-quality affordable housing is a pathway to prosperity and that our investment approach will allow us to expand our reach and leverage our existing infrastructure to have a greater impact on those with the greatest need.”
- Acquisition/Redevelopment: Led by Chief Investment Officer Robert Koerner, this division is focused on the acquisition and redevelopment of at-risk Section 8 communities and other strategic Low Income Housing Tax Credit (LIHTC) redevelopment opportunities.
- New Construction: Headed by Chief Development Officer Feras Qumseya, this segment will engage the existing development pipeline and focus on building out a national 4 percent LIHTC new construction platform.
- Essential Housing: Led by Managing Director of Essential Housing Chris Cruz, this unit is focused on innovative ways to create and preserve affordable and workforce housing communities without utilizing new LIHTC syndication.
This year, Standard Communities has grown its staff by more than 20 percent and acquired eight new communities, adding nearly 1,200 units.