Fairstead Completes $43.3M Acquisition of 168-Unit Affordable Housing Community in Houston

Fairstead announced the $43.3 million acquisition and rehabilitation of Coolwood Oaks, a 168-unit affordable housing community in Houston. The transaction expands Fairstead's Texas portfolio to more than 2,000 affordable residences and grows its national holdings to over 27,000 apartment homes across 28 states.

The financing for the acquisition was provided by PNC, Houston Housing Finance Corp. (HHFC), and the Texas Housing Conservancy (TDHCA). The deal structure enables Fairstead to undertake renovations of the 10-building property located at 777 Coolwood Drive in Houston's Northshore neighborhood.

Renovation Plans

Coolwood Oaks will undergo extensive renovations totaling more than $14 million in hard costs, representing approximately $92,000 per residence. The project includes comprehensive in-unit, exterior, and common area upgrades designed to modernize the property originally built in 1984.

In-unit renovations will feature modernized kitchens with new appliances, countertops and cabinetry; refreshed bathrooms with upgraded fixtures and faucets; enhanced lighting and electrical systems; energy-efficient stainless-steel appliances; newly installed flooring; and freshly painted walls. Exterior improvements include repairing and repainting building facades, replacing roofs and windows, and enhancing building entrances.

The project also includes mechanical system and infrastructure upgrades to boost operating efficiency and ensure long-term performance. Under Fairstead's management, improvements will be complemented by dedicated programming, a resident scholarship fund, and community engagement initiatives with local partners.

Affordable Housing Preservation

The community comprises a mix of one-, two-, and three-bedroom homes reserved for families earning up to 60% of the Area Median Income (AMI). The property is designated as family-focused affordable housing.

"Coolwood Oaks represents Fairstead's commitment to preserving affordability and improving quality of life for Houston families," said Jeffrey Goldberg, Fairstead CEO. "This acquisition and rehabilitation project demonstrates our continued focus on long-term partnerships that deliver enduring benefits to our communities nationwide."

Sources

Fairstead - https://fairstead.com/fairstead-announces-43-3-million-acquisition-and-rehabilitation-of-168-unit-10-building-affordable-housing-community-in-houston/