Fairstead Plans $26M Rehab of Chesapeake Affordable Housing Complex
Fairstead announced the $26 million revitalization of MacDonald Manor, a six-building, 152-unit affordable housing community located in Chesapeake, Virginia.
Working in partnership with the Chesapeake Redevelopment and Housing Authority, Virginia Housing and Hudson Housing Capital, the rehabilitation of MacDonald Manor will be financed through a federal program that combines elements of the Rental Assistance Demonstration and Section 18 programs. Total acquisition and rehabilitation costs amount to $55 million.
Located at 1331 MacDonald Road, in Chesapeake’s northeast corridor, MacDonald Manor is a six-building, two-story affordable apartment community designated for families. The property features 152 affordable residences, including three one-bedroom residences, 114 two-bedroom residences and 35 three-bedroom residences.
“MacDonald Manor represents our dedication to long-term stability for residents,” said Francis Yalda, Senior Associate, Fairstead. “Our team is proud to work alongside our partners to ensure that high-quality, affordable housing remains a priority in the Chesapeake community.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout