Fairstead Completes $34.8M Acquisition and Rehabilitation of Landmark Apartments in Chesapeake, Va.

CHESAPEAKE, Va. — Fairstead announced the $34.8 million acquisition and planned rehabilitation of Landmark Apartments, a 120-unit affordable housing community in Chesapeake, Virginia, expanding its presence in the Hampton Roads region.

Financing Structure

The transaction was supported by financing partners including Bank of America, Berkadia, Freddie Mac, Virginia Housing, and the Chesapeake Redevelopment and Housing Authority (CRHA). The project is funded through the Low-Income Housing Tax Credit (LIHTC) and Project-Based Voucher (PBV) programs in collaboration with these entities. The deal reflects Fairstead’s continued activity in affordable housing preservation and rehabilitation in Virginia.

Property Details and Planned Renovations

Located at 2900 Fireside Road, Landmark Apartments consists of 15 two-story buildings totaling approximately 106,000 square feet. The community includes 72 two-bedroom and 48 three-bedroom units reserved for households earning 60% or less of the Area Median Income, or about $63,900 for a family of four. Planned renovations include comprehensive interior and exterior upgrades and enhancements to community amenities.

Fairstead’s Expansion in Hampton Roads

The Landmark Apartments acquisition marks Fairstead’s third property acquisition in Chesapeake this year. With this transaction, the company’s Hampton Roads portfolio expands to more than 900 affordable residences and its statewide footprint exceeds 1,300 residences. Nationally, Fairstead owns and operates more than 26,000 apartment homes across 28 states.

“Over the past year, Fairstead has seen tremendous growth, including our significant expansion into the Hampton Roads region and across Virginia with 337 units acquired in the city of Chesapeake alone,” said Fairstead CEO Jeffrey Goldberg. “This latest acquisition reflects the strong need for affordable housing across the region as well as statewide and serves as an example of how public-private partnerships can create long-term impact within the industry.”

Collaborating Firms and Financing Partners

Fairstead served as the general partner in the transaction. Financing participants included U.S. Bancorp Impact Finance / U.S. Bank as lender and limited partner, Freddie Mac and the Virginia Department of Housing and Community Development as senior debt providers, Berkadia as capital markets broker, and Virginia Housing and CRHA as equity partners. The total acquisition and rehabilitation cost is $34.8 million.

Sources: Fairstead announcement