Standard Communities Invests $22 Million in Senior Housing Units in Virginia Beach
Standard Communities, the affordable housing division of Standard Companies, has acquired The Commons at Princess Anne, an affordable apartment community for seniors in Virginia Beach. This acquisition and renovation has a total capitalization of approximately $22 million and includes significant capital improvements at the property to ensure all 186 units continue to provide a welcoming and attractive community of high-quality, affordable housing for seniors.
“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. Our goal is to ensure that The Commons at Princess Anne provides high-quality, affordable housing that enables seniors to remain close and connected to their community, friends, and family,” said Tommy Attridge, director of Southeast Production for Standard Communities, in a statement.
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.
“Standard Communities is committed to creating, preserving and improving affordable housing, and we look forward to our continued growth in Virginia,” said Scott Alter, principal and co-Founder of Standard Communities.