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Standard Communities has acquired Lenox Place Apartments, a 152-unit affordable housing community in Duluth, Minn., in a deal capitalized at about $37.14 million. Built in 1980, the property has 143 one-bedroom units and nine two-bedroom units for seniors and individuals with disabilities.

Standard will extend the affordability of Lenox Place, located at 701 W. Superior St., for 30 years, with resident income restricted to 60 percent of the Area Median Income, currently about $38,100 per household, according to U.S. Census Bureau data. The company also plans to renovate the 14-story property at a cost of about $12 million.