Fairstead Completes $35M Acquisition of 120-Unit Virginia Apartments
Fairstead announced the acquisition and planned renovation of Landmark Apartments, a 120-unit affordable housing community in Chesapeake, Virginia. The total acquisition and rehabilitation costs amount to $34.8 million.
Funded through the Low Income Housing Tax Credit (LIHTC) and Project-Based Voucher programs in collaboration with U.S. Bank, Berkadia, Freddie Mac, Virginia Housing and Chesapeake Redevelopment and Housing Authority, the property will undergo comprehensive renovations.
The transaction follows Fairstead’s groundbreaking of Samuel Madden Homes, a $120 million project creating 207 affordable homes in Old Town Alexandria. The firm’s regional footprint now exceeds 1,300 residences across Virginia. Nationally, Fairstead owns and operates more than 26,000 apartment homes in 28 states.
Landmark Apartments is a garden-style affordable housing community located at 2900 Fireside Road. The community comprises 15 two-floor buildings totaling approximately 106,000 gross square feet. Residences include 72 two-bedroom units and 48 three-bedroom units.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout