Fairstead Spending $24M for Renovations to Dallas Section 8 Housing Community
Fairstead acquired the 167-unit Royal Crest apartments, at 3558 Willhurt Ave., in Dallas and plans to extensively rehab the Section 8 subsidized housing community. The redevelopment will feature comprehensive interior and exterior renovations, and the total rehabilitation costs will amount to approximately $24 million. Royal Crest has not had any appreciable improvements since it was built in 1969.
Financial partners for the Royal Crest project include the U.S. Department of Housing and Urban Development (HUD), Housing Options Inc., a subsidiary of the Dallas Housing Authority, and permanent financing through Cedar Rapids Bank and Trust, Capital One National Association, which issued a construction loan, and tax credit equity syndicator Hudson Housing Capital.
Renovations at Royal Crest commenced this month, and construction will continue through the fall of 2026.
Fairstead’s national portfolio exceeds 25,000 affordable homes across 28 states, with its Texas presence totaling 1,166 units.
Curious how Texas’ surging economy, escalating costs, population growth, and shifting demand are shaping multifamily development and investment in 2025? Be there for the Texas Market Outlook discussion at Connect Texas Multifamily, when the industry’s experts break down regional trends, key indicators, and actionable strategies—Register now to gain the edge: www.ConnectTXMF2025.com | EVENT DATE: Thursday, August 28th | VENUE: The Joule, Dallas
Other News
Metro Loft, David Werner Secure $231M Loan for Midtown East Residential Conversion
Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
Learn more
Rental Affordability Declines in Most Metros, but Improved Housing Quality is a Factor
Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
Learn more
40-Unit Apartment Building in Seattle’s University District Trades for $6M
Ponderay Apartments, a 40-unit multifamily property located at 5625 15th Ave NE in Seattle’s University District, sold for $6.26 million, equating to $156,625 per unit. Built in 1963, the property totals 21,540 square feet and consists of 22 one-bedroom units and 18 studio apartments. The studios average 478 square feet, while the one-bedroom units average...
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