6C — November 18 - December 22, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
Multifamily housing investor and developer provides environmentally sustainable housing Standard Communities accelerates growth as it launches new business lines
W ASHINGTON, DC — Standard Communities ,
important that our structure allows us to stay nimble and responsive to opportu-
focused on the acquisition and redevelopment of at- risk Project Based Section 8 communities and other strategic Low Income Hous- ing Tax Credit (LIHTC) re - development opportunities involving non-Project Based Section 8 communities. • New Construction: Headed by chief develop - ment officer Feras Qum- seya , this segment will engage the existing develop - ment pipeline and focus on building out a national 4% LIHTC New Construction platform. Qumseya brings 20 years of experience working on all aspects of affordable hous - ing, economic development, public-private partnerships, large mixed-use projects, and transit-oriented devel- opments. He joins Standard from Foulger-Pratt, a real estate investment and devel- opment firm, where as vice
president of development he was responsible for creating and preserving affordable housing nationwide. • Essential Housing: Led by managing director of Essential Housing Chris Cruz , this unit is focused on innovative ways to create and preserve affordable and workforce housing commu - nities without utilizing new LIHTC syndication. “This strategy is a continu - ation of many core elements that have made Standard what is it today, including our commitment to quality, speed and flexibility. We believe the refinement of our structure builds upon the entrepreneurial spirit that has been our fuel for success, while fostering accelerated growth and ensuring we continue to be a Great Place to Work certified company,” said Jeffrey Jaeger , co- founder and principal of
Standard Communities. This year Standard Com - munities has grown its staff by more than 20% and acquired eight new com - munities, adding nearly 1,200 units. By year-end, Standard expects to acquire over 40 new communities, adding more than 5,600 units, bringing its portfolio to nearly 20,000 units across the country. With headquarters in New York and Los Angeles, Standard has a nation - al portfolio of over 14,600 apartment units and has completed more than $3.8 billion of affordable housing acquisitions and rehabilita - tions nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high- quality, affordable, and en - vironmentally sustainable housing. MAREJ
nities. Each team is nar- row in focus and deep in expertise. We believe high quality affordable housing is a pathway
a national affordable multifamily housing in - vestor and developer, has estab - lished three new, diver- sified busi -
Jeffrey Jaeger
Scott Alter
to prosperity and that our investment approach will allow us to expand our reach and leverage our existing infrastructure to have a greater impact on those with the greatest need,” said Scott Alter , co-founder and principal of Standard Com- munities, who described the leadership and mission of the new business lines: • Acquisition/Redevel- opment: Led by chief in - vestment officer Robert Koerner , this division is
ness lines to build on its suc - cess of providing high-quali - ty, healthy, environmentally sustainable housing. The three dedicated busi - ness lines—Acquisition/ Redevelopment, New Con- struction and Essential Housing—will leverage and align the strengths and di - versity of Standard’s staff and enable them to execute faster and more efficiently. “With our national geo - graphic reach and ambitious vision for the future, it is
Osborn Dunes’ groundbreaking marks 10th Anniversary of Superstorm Sandy
spatial limitation and the need to allow all owners to return,” said John Malone , president of Osborn Dunes at South Mantoloking , the HOA responsible for the new development. “Once the final site plan was approved by the Township and all the 67 owners, we then had to negotiate easements to al- low for roads and other legal matters.” When the necessary govern - mental and legal approvals were completed, the task of se - lecting a developer got under- way. “We evaluated multiple developers and chose Walters based on their knowledge of our community, extensive experience building in a shore environment, professionalism, and competitive price,” Malone said. The newly rebuilt two-story duplexes will be superior to the original bungalows in ev - ery way. Each unit will double the square footage of usable living space and be elevated above the floodplain, also pro - viding parking under the unit, according to Malone. “Safety is most important, which is why they will be constructed to withstand severe weather and flooding. In addition to being designed for year-round use, they will be environmentally superior.” MAREJ
BRICK, NJ — Walters , an award-winning, Barnegat- based developer broke ground on Osborn Dunes in the bar - rier island section of Brick Twp. on Oct. 29 — 10 years to the day after the community was ravaged by Superstorm Sandy. The site, located between Mantoloking and Normandy Beach, formerly home to Camp Osborn’s single-family bun - galows, was destroyed by the tidal surge and fire following Superstorm Sandy. The new development will revitalize the location with the introduc - tion of 67 oceanside homes designed for year-round use. The Osborn Dunes HOA’s selection of Walters to develop the two-story duplexes is a testament to the company’s strong community ties and ex- tensive experience building in a shore environment. Each of the newly built units, designed to meet FEMA's flood guide - lines, will be elevated above the floodplain, constructed to withstand severe weather and flooding, and boast double the square footage of usable living space as compared to their pre- Sandy predecessors. Walters is a leader in sus- tainable construction. Over the past two decades the firm has developed affordable hous - ing communities throughout
Shown from left: John Malone, Joe DeIntinis, Dan Redmond (Osborn Dunes HOA board members); Matt Walters (Walters); Jack Osborn (unit owner and member of the original Camp Osborn community); Dave Eareckson (Osborn Dunes project engineer); Albert Santana (HOA board member); Brick Mayor John Ducey; Joe Squillaro (unit owner), Councilwoman Heather deJong; and Ed Walters (Walters)
New Jersey, including age- restricted developments in Barnegat, Toms River, Staf- ford and Seaside Heights. Located on the barrier is - land between Mantoloking and Normandy Beach, Camp Osborn was once a commu - nity consisting of single-family
bungalows. The homes were destroyed by the hurricane surge and fire following Su - perstorm Sandy’s devastation. What remained was an empty stretch of sand between the lanes of northbound Route 35 and the ocean. After a decade of negotiating
various proposals, the town, property owners, and other government agencies involved have reached a solution and are finally taking steps toward a new beginning. “We worked with the town - ship to develop a plan for duplex units to overcome the
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