Standard Communities Invests $22M to Acquire, Improve Community in Virginia Beach

VIRGINIA BEACH, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach.

This acquisition and renovation represents an investment of approximately $22 million and includes capital improvements at the 186-unit property.

With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region.

“Older adults, many of whom are on fixed incomes, often find themselves priced out of the neighborhoods that they have been a part of for many years, or even decades,” says Tommy Attridge, director of Southeast production for Standard Cos.

Built in 2001, The Commons at Princess Anne features a central courtyard with picnic areas and grills, a large community room and amenity spaces such as a fitness center, hair salon and walking paths.