Standard Communities acquired The Meadows, a 124-unit family community in Roseville, a suburb approximately 15 miles northeast of downtown Detroit. The transaction represents Standard’s second investment in Michigan, advancing the firm’s strategy of expanding in markets where it can preserve long-term housing stability while strengthening relationships with state and local agencies.
At closing, all 124 units will be income-restricted and supported by project-based Section 8 Housing Assistance Payment contracts. Of those units, 111 are restricted to households earning at or below 60% of Area Median Income and 13 are restricted at 40%. Affordability was extended through a 20-year Section 8 renewal via a Housing Assistance Payment assignment and assumption and mark-up-to-market structure.
“This acquisition builds on the momentum of our first Michigan investment and deepens our commitment to the state,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities. The Meadows allows us to preserve much-needed housing for families while reinvesting in the community and strengthening our long-term presence in Michigan.”
The property consists of 21 residential buildings and a centralized leasing and community building. Financing was completed in partnership with the Michigan State Housing Development Authority, which served as tax credit allocator and bond issuer. The City of Roseville supported the transaction through a new PILOT agreement, and the U.S. Department of Housing and Urban Development approved the contract renewal.
Standard will complete a comprehensive tenant-in-place renovation totaling approximately $10.5 million. Apartments will be modernized with quartz countertops, stainless steel appliances, luxury vinyl plank flooring, refreshed bathrooms and upgraded lighting. The community building will be updated to include a new fitness and business center, along with site improvements such as a playground, barbecue area, landscaping enhancements and upgraded security systems. As part of the rehabilitation, Standard is pursuing Enterprise Green Communities certification, reinforcing its commitment to sustainable, high-quality housing.
