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 has a total capitalization 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.
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