Fairstead and PNC Multifamily Capital Advance $242 Million Haverstock Hills Renovation in Houston With Mock Unit Tour
Fairstead recently hosted mock unit tours at Haverstock Hills Apartments in Houston's East Aldine neighborhood, offering elected officials, project partners, and residents an early look at the $242 million renovation underway at the 700-unit affordable housing community at 5619 Aldine Bender Road.
The event showcased two fully renovated model apartments, previewing the finishes and upgrades planned across the community's 44 buildings. PNC Multifamily Capital is providing debt and equity financing for the acquisition and rehabilitation, which is scheduled for completion in early 2028.
Stakeholders and Residents Get First Look at Renovated Units
The morning session welcomed representatives from the Harris County Commissioners Court, Harris County Housing Finance Corporation, Houston City Council, NEI General Contracting, and Rainbow Housing Corporation. A separate afternoon session allowed residents to tour the renovated apartments, accompanied by a community celebration featuring snow cones, snacks, and refreshments.
Renovation Scope Across a 22-Acre, 700-Unit Community
Fairstead acquired the 22-acre community in a $242 million transaction. Planned renovations span in-unit improvements, building upgrades, mechanical and infrastructure work, community amenity enhancements, and safety and security measures.
In-unit improvements include energy-efficient stainless-steel appliances, updated cabinetry and countertops, refreshed bathrooms, new flooring, fresh paint, and LED lighting. Building-level upgrades cover new windows, upgraded lighting and electrical systems, façade replacement and repainting, and improved building entrances. Mechanical and infrastructure improvements are designed to enhance long-term reliability and operating efficiency.
On the amenity side, plans call for a renovated community building and clubhouse, upgraded laundry facilities, new outdoor playgrounds, and a new business center. Safety and security enhancements include expanded exterior lighting, security cameras, access control systems, an on-site security presence, and an enhanced partnership with local law enforcement.
Affordability Structure and Financing
The community is reserved for residents earning 60% of area median income or below, supported by project-based Section 8 contracts and Low-Income Housing Tax Credit restrictions. PNC Multifamily Capital is providing both debt and equity financing for the acquisition and rehabilitation.
At 700 units and $242 million in total investment, the implied cost works out to approximately $345,700 per unit, according to deal data.
Timeline and Project Partners
Community-wide renovations are scheduled for completion in early 2028. NEI General Contracting is serving as the general contractor, while Rainbow Housing Corporation and Harris County Housing Finance Corporation are serving as project partners. Houston City Council representatives participated in the mock unit tour event.
Haverstock Hills Apartments spans 44 buildings across a 22-acre site. The property is located at 5619 Aldine Bender Road in Houston's East Aldine submarket.
