Fairstead
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| File:Fairstead logo.png | |
| Private | |
| ISIN | 🆔 |
| Industry | Real Estate |
| Founded 📆 | |
| Founder 👔 | |
| Headquarters 🏙️ | New York, NY |
Area served 🗺️ | |
Key people | Jeffrey Goldberg (CEO) |
| Members | |
Number of employees | 650+ |
| 🌐 Website | fairstead.com |
| 📇 Address | |
| 📞 telephone | |
Fairstead is a New York-based real estate developer with a portfolio of properties in 18 states, including 16,500 units valued at $6 billion as of May 2022.[1] The company has offices in New York, Maryland and South Carolina, and manages more than 90 communities.[2]
History[edit]
Since its founding, Fairstead has established offices in New York, Maryland and South Carolina. The company started off primarily investing in affordable housing within the United States, and is now an integrated real estate company focused on sustainable development and housing preservation.[2]
Acquisitions and Investments[edit]
In 2016, Fairstead purchased the seven-story Park 79 hotel for $22.5 million, converting it into affordable housing for seniors.[3] The firm partners with Project FIND, having two social workers on-site, providing services and programming for residents.[4]
In 2021, Fairstead acquired Atlantis Apartments in the Seatack neighborhood of Virginia Beach, Virginia. The $14.5 million construction phase included renovation of Fairstead the 12-acre property and modernization of units for over 600 residents in 19 two-story buildings.[5]
In October 2021, Fairstead's investors made a $500 million equity commitment to expand the firm's portfolio of multifamily units and programming for affordable, workforce and market-rate housing residents across the United States.[6]
In November 2021, Virginia's Alexandria Redevelopment and Housing Authority also partnered with Fairstead, Mill Creek Residential, and The Communities Group to renovate the Samuel Madden Homes public housing community, originally built in 1945.[7] In this $200 million renovation the existing 66 units are becoming two new apartment buildings with 482 units of affordable, workforce and market-rate housing.[8]
Fairstead acquired the Essex Plaza portfolio in Newark, New Jersey in November 2021 with LIHC Investment Group.[9] This includes 13 affordable buildings, with 691 affordable apartments reserved for seniors.[10]
In December 2021, Fairstead and Invesco Real Estate purchased almost 2,000 affordable housing units in 48 buildings in the Bronx's Morrisania, Longwood, Crotona Park and Tremont neighborhoods from Property Resources Corp.The properties are all preserved as affordable housing.[11] The transaction represents the largest deal of its kind in New York in 2021, by both portfolio size and investment size.[12]
In January 2022, Fairstead acquired 1500 Locust in Philadelphia. The $233 million sale for the 612-unit property is the largest single-asset sale in the history of Philadelphia's multifamily market.[13]
In May 2022, Fairstead's investment unit, Fairstead Ventures, designated a $100 million fund to invest in early-stage proptech startups developing technology it can use in its portfolio.[14]
In August 2022, Fairstead purchased 950 units of affordable housing in 16 properties within Kentucky for $52 million, in partnership with KeyBank Real Estate Capital.[15]
References[edit]
- ↑ Bockmann, Rich (3 May 2022). "The Closing: Jeff Golberg". The Real Deal.
- ↑ 2.0 2.1 Elliot, Jenn (4 April 2022). "Why Multifamily Investor Fairstead Is Betting on Proptech and ESG". Wealth Management.
- ↑ Jones, Sasha (5 October 2021). "Hotel conversions race against the clock". The Real Deal.
- ↑ Shkury, Simon (20 April 2022). "Public/Private Partnerships Are Crucial To Meet The Demand For Affordable Housing". Forbes.
- ↑ Parker, Stacy (22 July 2021). "New owner of Pharrell's childhood home will renovate the Virginia Beach apartment complex, connect with residents". The Virginia Pilot.
- ↑ "Fairstead Receives $500 Million Equity Commitment to Expand Portfolio". Affordable Housing Finance. 20 October 2021.
- ↑ Mello-Klein, Cody (18 November 2022). "ARHA to redevelop Samuel Madden Homes". Alexandria Times.
- ↑ Loria, Keith (10 November 2021). "Alexandria Picks Development Team for $200M Makeover of Samuel Madden Homes". Commercial Observer.
- ↑ Lindner, Linda (3 November 2021). "Fairstead, LIHC Investment Group acquire 691-unit affordable housing portfolio in Newark". ROI.
- ↑ Morris, Sebastian (4 November 2021). "Fairstead, LIHC Group Reveal $27M Affordable Housing Renovation Project In Newark, New Jersey". New York YIMBY.
- ↑ Small, Eddie (13 December 2021). "Fairstead, Invesco land massive Bronx affordable housing portfolio in $350M deal". Crain's New York Business.
- ↑ "JV Acquires 1,904 Affordable Housing Units in The Bronx". Property Reporter. 14 December 2021.
- ↑ "Newmark Completes Largest Single-Asset Multifamily Sale in Philadelphia's History With $233 Million Acquisition of 1500 Locust". Multifamily Biz. 11 February 2022.
- ↑ Deffenbaugh, Ryan (4 May 2022). "Affordable housing developer Fairstead plans $100M in proptech investments". Crain's New York Business.
- ↑ Rosu, Anda (August 11, 2022). "Fairstead Buys 16-Asset Affordable Portfolio in Kentucky". Multi-Housing News.
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