A 186-unit apartment building overlooking Fairmount Park has changed hands for $29.3 million, and its new owner says it aims to preserve affordability for the working families who already live there. Standard Communities, a national affordable housing investor, announced the acquisition of The Helston in Philadelphia's Wynnefield Heights neighborhood, marking the firm's entry into the city's multifamily market.
A 1970s Complex With Skyline Views
Built in 1970 and located at 3801 Conshohocken Avenue, The Helston offers studio, one-bedroom and two-bedroom apartments with views of Fairmount Park and the Philadelphia skyline, according to citybiz. The property includes garage parking and access to an on-site Zipcar, and sits near City Avenue retail and dining, Saint Joseph's University, Philadelphia College of Osteopathic Medicine and SEPTA services. Per Standard Communities, more than half of The Helston's residents earn less than 80% of area median income, and nearly all of the building's rents fall below that same threshold — area median income being a standard benchmark for housing affordability that adjusts for household size and location.
Rather than building something new, the firm structured the deal around preserving existing workforce housing, the report notes. That approach reflects a broader squeeze facing Philadelphia renters: Center City's development pipeline has been shrinking, with unit deliveries projected to fall from 1,061 in 2023 to just 512 this year and 73 in 2027, according to Bisnow. The site also points to a glut of multifamily projects that developers rushed to start before a 10-year tax abatement expired at the end of 2021, further complicating the supply picture.
Nearly $4 Million in Planned Upgrades
Standard Communities says it will prioritize nearly $4 million in improvements at The Helston, addressing deferred maintenance, modernizing building systems and upgrading common areas while keeping the property occupied, the same report states. Individual apartments will be renovated as they become vacant, and the plan calls for a renovated lobby and a 24-hour fitness center.
Christopher Cruz, senior managing director of essential housing at Standard Communities, said The Helston is the first of many investments the company plans to make in Philadelphia. “This investment is a great example of how private capital can be used to preserve affordability for Philadelphia’s workforce,” Cruz said, according to citybiz. He said the firm aims to preserve housing working families can afford, invest significant capital to take care of properties, and be a reliable partner to the city, housing agencies and residents.
CRA Fund Targets $150 Million More
The Helston purchase marks the first investment from a new fund Standard Communities has launched under the federal Community Reinvestment Act framework, which encourages qualifying financial institutions to meet community credit needs, including in low- and moderate-income neighborhoods. The fund targets affordable and workforce housing properties, and the company says it is pursuing additional acquisitions throughout the Philadelphia metropolitan statistical area, with plans to invest an additional $150 million in the region. Citybiz reports that the firm has not disclosed the fund's total capitalization, its financing partners, or a timeline for deploying the remaining $150 million.
Standard Communities operates nearly 30,000 residential units across more than 200 communities in 22 states and Washington, D.C., with roughly $7 billion in assets under management, per the outlet's reporting. The firm says it focuses on acquiring, improving and preserving multifamily properties that serve moderate-income households, and intends to maintain The Helston as a quality long-term housing option for local residents.
A Citywide Push to Preserve Affordable Units
Standard Communities' move fits into a wider pattern of acquisition-based preservation playing out across Philadelphia. The Philadelphia Housing Authority has acquired more than 1,700 apartments off the private market over the past 18 months and aims to reach 4,000 units by October 2027, according to Bisnow's reporting — including 440 newly constructed units the agency bought from Riverwards Group across two Kensington buildings. Bisnow also notes that the Housing Authority of the City of Austin followed a similar path, purchasing a 452-unit building in 2019 and a 376-unit complex two years later.
Elsewhere, Standard Communities has pursued ground-up development alongside acquisitions, breaking ground on two affordable communities in Antioch, California, for less than $500,000 per unit and without state or local subsidies, according to Multifamily Dive. Those projects, known as Joyfield Flats, will add 233 apartments across seven buildings at one site and 195 units across six buildings at another, with the firm saying it controls costs by streamlining and standardizing its design process. The publication also cites rising construction costs and tighter borrowing conditions as a persistent funding gap for affordable developers nationwide, noting that 4% Low-Income Housing Tax Credit projects in California averaged about $660,000 per unit between 2020 and 2023.
