Standard Communities, the affordable housing division of Standard Companies, said it has acquired Ritch Homes Apartments, located at 1420 and 1424 R Street NW, Washington, D.C. The property consists of 42 rent-subsidized apartments for low income families. As part of a public-private partnership, Standard will add four units to the site as part of an extensive renovation and will preserve and extend the community’s affordability for the next 30 years, the company said.
“We are proud to expand our presence in D.C. and to continue our efforts to help the District meet its affordable housing goals,” said Scott Alter, co-founder and principal of Standard Communities. “Utilizing private capital, and working with the 1420-1424 ouR St Tenants Association and the District, allowed Standard to assist the community’s residents by preserving the long-term affordability of these apartments.”
