A recent acquisition of an affordable senior community at 1313 Baltic Avenue in Atlantic City, New Jersey will preserve its affordability for 30 years. Standard Communities, the affordable housing division of Standard Companies, acquired Baltic Plaza Apartments for approximately $38 million.
The 169 units within the housing facility are supported by a Project-Based Section 8 Housing Assisted Payment contract. Standard Communities partnered with the U.S. Department of Housing and Urban Development and the New Jersey Housing and Mortgage Finance Agency for the acquisition.
“Standard is pleased to partner with the New Jersey Housing and Mortgage Finance Agency, who have worked tirelessly to ensure the creation and preservation of affordable housing in this critical time,” said Scott Alter, principal and co-founder of Standard Communities.
Already in the works is a $10 million renovation plan for the building, including updated residences, modernized building systems, and rehaul of common areas and amenity spaces. Baltic Plaza will also have a Resident Service Coordinator, responsible for implementing resident services and community programs, including wellness programs and special events.
Energy and water conservation measures are a top priority of the renovation, and are expected to reduce energy consumption by 27 percent and water usage by 22 percent, and reduce the building’s carbon footprint by 315 metric tons of carbon dioxide per year. Baltic Plaza Apartments will receive low-emissivity windows, LED lighting fixtures, low-flow plumbing fixtures, energy-efficient refrigerators and air-conditioning units, and smart thermostats in all apartments.
No timeline has been announced for the renovations.