Standard Communities has expanded its portfolio, with the acquisition of a 50-unit affordable housing development in Northfield, Minnesota.
Jefferson Square, a 100% project-based Section 8 Housing Assistance Payment development, was purchased in an $8 million transaction that will preserve long-term affordability at the community.
“Jefferson Square is a rare asset with family-sized units, stable operations, and strong community demand, making it a significant long-term preservation opportunity,” said Scott Alter, co-founder and principal of Standard Communities. “Securing high-quality, affordable homes in high-opportunity communities like Northfield is core to our mission of providing safe, clean, and dignified housing for residents, with a specific focus on uplifting communities and improving quality of life.”
Jefferson Square spans 5.2 acres and includes nine residential buildings, three parking structures, and an administrative building. Redeveloped in 2010, the community offers two-, three-, and four-bedroom townhomes averaging 1,130 square feet—about 11.7% larger than comparable market options—and features private entries, in-unit laundry, walkout patios, private garages, and a community clubhouse.
Amenities include landscaped green spaces, garages, and proximity to transit, parks, health care services, and major employers. The property has maintained 98% average occupancy over the past five years, with current occupancy at 100%, according to officials.
“Preserving affordability in markets like Northfield is essential, particularly where family-sized rental homes are scarce,” said Jessica Mackenzie, senior managing director, head of acquisitions and redevelopment at Standard Communities.
Based in New York and Los Angeles, Standard Communities has a growing portfolio spanning nearly 30,000 apartments across 200 communities.