Standard Communities, a leading national multifamily housing investor and developer, is developing a ground up 240-unit 100% affordable housing community in Woodbridge, Va. The Prince William County project, Jefferson Plaza Apartments, is capitalized at approximately $67.5 million.
Nationally, Standard Communities currently has more than 2,000 units in its new construction pipeline. Funding for Jefferson Plaza Apartments was secured through Virginia Housing as the issuer of tax-exempt bonds, and Freddie Mac provided Low Income Housing Tax Credits through Hudson Housing Capital.
Jefferson Plaza Apartments, at 1305 Jefferson Plaza, will comprise seven 3-story buildings with 147 one-bedroom and 93 two-bedroom units. The community, being built on a 7.6 acre site of a former shopping center, is a transit-oriented development in the Route 1 Corridor within walking distance of the Woodbridge Virginia Railway Express station and close to I-95, with nearby shopping, restaurants, and more.
RELATED: Standard Communities acquires six 100% affordable housing communities
“There is a strong demand for affordable housing in high-cost communities like Woodbridge,” said Feras Qumseya, Chief Development Officer, Standard Communities. “Developing housing on the site of a former shopping center is not easy, requiring easements and rezoning. The support and assistance from Prince William County to facilitate the process was crucial.” he added.
The property will be income-restricted to 60% of the Area Median Income (AMI), making the units affordable to middle-income families and essential workers.
Jefferson Plaza 100% Affordable Housing Features
Jefferson Plaza will feature 354 parking spaces for residents, a 3,000-sf club room, co-working space, a fitness center, bike storage, a playground and recreational area, greenspace, and a dog park. Residents will have direct access to an adjacent park to be built out as part of the project.
“Revitalizing the Route 1 Corridor has been one of my top priorities since being elected as the Woodbridge District Supervisor 4 years ago. The Jefferson Plaza Apartments are a key part of that revitalization effort,” said Jefferson County Supervisor Margaret Angela Franklin. “I would like to thank Standard Communities for investing in Woodbridge. I also would like to thank Christopher Shorter, Prince William County Executive, for the professional staff work that was involved in bringing this much needed project forward,” she added.
“We are proud to provide financing and vital housing tax credits that will help make the construction of 240 new apartment homes a reality,” said Janet Wiglesworth, Interim CEO of Virginia Housing. “Jefferson Plaza will provide an affordable, conveniently located, modern community for residents in Prince William County. It is a product of strong partnerships that have one goal in mind: to invest in the future of affordable housing in our communities.”
About Standard Communities
Based in New York and Los Angeles, Standard has a national portfolio of almost 20,000 apartment units and has completed more than $4.7 billion of affordable housing acquisitions, rehabilitation and development nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.
Related Stories
Multifamily Housing | Oct 28, 2024
A case for mid-rise: How multifamily housing can reshape our cities
Often referred to as “five-over-ones,” the mid-rise apartment type is typically comprised of five stories of apartments on top of a concrete “podium” of ground-floor retail. The main criticism of the “five-over-one” is that they are often too predictable.
Adaptive Reuse | Oct 22, 2024
Adaptive reuse project transforms 1840s-era mill building into rental housing
A recently opened multifamily property in Lawrence, Mass., is an adaptive reuse of an 1840s-era mill building. Stone Mill Lofts is one of the first all-electric mixed-income multifamily properties in Massachusetts. The all-electric building meets ambitious modern energy codes and stringent National Park Service historic preservation guidelines.
MFPRO+ News | Oct 22, 2024
Project financing tempers robust demand for multifamily housing
AEC Giants with multifamily practices report that the sector has been struggling over the past year, despite the high demand for housing, especially affordable products.
MFPRO+ Research | Oct 15, 2024
Multifamily rents drop in September 2024
The average multifamily rent fell by $3 in September to $1,750, while year-over-year growth was unchanged at 0.9 percent.
Affordable Housing | Oct 4, 2024
3 new affordable housing projects for October 2024
As affordable housing continues to grow, more projects are looking to diversify their footprint by adding mixed-use components, community areas, and more.
MFPRO+ News | Sep 24, 2024
Major Massachusetts housing law aims to build or save 65,000 multifamily and single-family homes
Massachusetts Gov. Maura Healey recently signed far-reaching legislation to boost housing production and address the high cost of housing in the Bay State. The Affordable Homes Act aims to build or save 65,000 homes through $5.1 billion in spending and 49 policy initiatives.
Adaptive Reuse | Sep 12, 2024
White paper on office-to-residential conversions released by IAPMO
IAPMO has published a new white paper titled “Adaptive Reuse: Converting Offices to Multi-Residential Family,” a comprehensive analysis of addressing housing shortages through the conversion of office spaces into residential units.
Legislation | Sep 9, 2024
Efforts to encourage more housing projects on California coast stall
A movement to encourage more housing projects along the California coast has stalled out in the California legislature. Earlier this year, lawmakers, with the backing of some housing activists, introduced a series of bills aimed at making it easier to build apartments and accessory dwelling units along California’s highly regulated coast.
Resiliency | Sep 3, 2024
Phius introduces retrofit standard for more resilient buildings
Phius recently released, REVIVE 2024, a retrofit standard for more resilient buildings. The standard focuses on resilience against grid outages by ensuring structures remain habitable for at least a week during extreme weather events.
Adaptive Reuse | Aug 29, 2024
More than 1.2 billion sf of office space have strong potential for residential conversion
More than 1.2 billion sf of U.S. office space—14.8% of the nation’s total—have strong potential for conversion to residential use, according to real estate software and services firm Yardi. Yardi’s new Conversion Feasibility Index scores office buildings on their suitability for multifamily conversion.
