Washington, DC — Standard Communities, the affordable housing division of Standard Companies, has acquired Ritch Homes Apartments, located at 1420 and 1424 R St. NW. The property consists of 42 rent-subsidized apartments for low income families. Standard will add four units to the site as part of an extensive renovation. Purchased for approximately $15 million with a $30 million total capitalization, this transaction will preserve and extend the community's affordability for the next 30 years.
Completed via a public-private partnership, Standard Communities worked on this transaction with the DC Housing Finance Authority (DCHFA), the US Department of Housing and Urban Development (HUD), the DC Department of Housing and Community Development (DHCD), Housing on Merit (HOM), Darrell Green Enterprises and the 1420-1424 ouR St Tenants Association.
“We are proud to expand our presence in DC and to continue our efforts to help the District meet its affordable housing goals,” said Scott Alter, co-founder and principal of Standard Communities. “Utilizing private capital, and working with the 1420-1424 ouR St Tenants Association and the District, allowed Standard to assist the community’s residents by preserving the long-term affordability of these apartments,” said Alter.