Fairstead to Spend $242M on Acquisition, Rehab of 700 Houston Apartment Units
Fairstead announced the $242 million acquisition and rehabilitation of Haverstock Hills Apartments, a 700-unit affordable housing community in Houston’s East Aldine neighborhood. Haverstock Hills will undergo sweeping renovations, including in-residence, exterior and common area upgrades, as well as enhanced amenities to modernize the property and improve operating efficiencies.
With this purchase, Fairstead’s Houston portfolio now includes nearly 2,000 affordable homes, while its national footprint spans more than 27,000 residences across 28 states.
Located at 5619 Aldine Bender Road, Haverstock Hills comprises 44 two-and three-story buildings spanning 22 acres. All homes are supported by project-based Section 8 contracts and governed by Low-Income Housing Tax Credit (LIHTC) affordability restrictions. The community is 100% reserved for residents earning 60% and below the Area Median Income (AMI).
Additionally, residents will enjoy new amenities that include an updated community building and clubhouse, outdoor playgrounds, upgraded laundry facilities and a business center for resident services. Housing, K-12 and wellness programs will also be available for residents.
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Brokers
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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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Greg Corbin
Northgate Real Estate Group
Lenders
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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