ATLANTIC CITY, N.J. — Standard Communities, through a public-private partnership, has acquired New York Avenue Apartments, a 151-unit affordable seniors housing community in Atlantic City, for $35.9 million.
Built in 1980, New York Avenue’s units are supported by a project-based Section 8 Housing Assistance Payment (HAP) contract.
Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC Bank, with additional financing provided by Citibank.
Standard will oversee a renovation budgeted at more than $10 million, “that will dramatically enrich the resident experience,” says Scott Alter, principal and co-founder of Standard Communities.
Renovations include upgrading the existing community spaces, improving exterior common space and grounds with resident amenities and installing storage units for residents. Building security will be enhanced, and improvements will be made to lighting, landscaping and signage. Building systems will be modernized, including plumbing, HVAC, windows and the roof.