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 | Feb 29, 2024
Manny Gonzalez, FAIA, inducted into Best in American Living Awards Hall of Fame
Manny Gonzalez, FAIA, has been inducted into the BALA Hall of Fame.
MFPRO+ Research | Feb 28, 2024
New download: BD+C's 2023 Multifamily Amenities report
New research from Building Design+Construction and Multifamily Pro+ highlights the 127 top amenities that developers, property owners, architects, contractors, and builders are providing in today’s apartment, condominium, student housing, and senior living communities.
Affordable Housing | Feb 26, 2024
Biden-Harris Administration announces historic homelessness assistance funding
The Biden-Harris Administration allocation of $3.16 billion in homelessness assistance funding will be administered by the U.S. Department of Housing and Urban Development through the Continuum of Care Program.
Building Tech | Feb 20, 2024
Construction method featuring LEGO-like bricks wins global innovation award
A new construction method featuring LEGO-like bricks made from a renewable composite material took first place for building innovations at the 2024 JEC Composites Innovation Awards in Paris, France.
Sports and Recreational Facilities | Feb 19, 2024
Sports stadium developers sweeten projects with affordable housing to gain support
In recent years, sports stadium developers have been including affordable housing in their projects to win support from local governments and community activists.
MFPRO+ News | Feb 15, 2024
Oregon, California, Maine among states enacting policies to spur construction of missing middle housing
Although the number of new apartment building units recently reached the highest point in nearly 50 years, construction of duplexes, triplexes, and other buildings of from two to nine units made up just 1% of new housing units built in 2022. A few states have recently enacted new laws to spur more construction of these missing middle housing options.
Multifamily Housing | Feb 14, 2024
Multifamily rent remains flat at $1,710 in January
The multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi Matrix National Multifamily Report.
Industry Research | Feb 8, 2024
New multifamily development in 2023 exceeded expectations
Despite a problematic financing environment, 2023 multifamily construction starts held up “remarkably well” according to the latest Yardi Matrix report.
Senior Living Design | Jan 24, 2024
Former Walgreens becomes affordable senior living community
Evergreen Real Estate Group has announced the completion of Bellwood Senior Apartments. The 80-unit senior living community at 542 25th Ave. in Bellwood, Ill., provides independent living options for low-income seniors.
Affordable Housing | Jan 18, 2024
Habitat tops off second apartment building at 43 Green
The co-developers of 43 Green celebrate the latest milestone for the $100 million, mixed-income, mixed-use project in Bronzeville: topping off Phase 2 while reaching full lease-up of the Phase 1 apartment building.