FAIRSTEAD ANNOUNCES ACQUISITION OF GATEWAY AT LAKE JACKSON APARTMENT COMPLEX

LAKE JACKSON, Texas, Dec. 9, 2021 /PRNewswire/ -- Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, today announced the acquisition of the Gateway at Lake Jackson (Gateway) housing development, comprising of 160 apartments in the Greater Houston metropolitan area. Located at 111 Loganberry Street in Lake Jackson, Gateway consists of 11 apartment buildings as well as one community building set across 14 acres with a full suite of amenities. Fairstead will be partnering with Southeast Texas Housing Finance Corporation, a subdivision of the State of Texas and an instrumentality of local government that is dedicated to promoting affordable housing opportunities for low to moderate-income Texans.

"Cities across the country are facing an affordability crisis and part of the challenge is preserving our existing housing stock and ensuring that these homes remain great places to live," said Noah Hale, Director, Development, at Fairstead. "At Gateway, Fairstead will make significant investments in modernizing its apartments, expanding and enhancing the expansive amenity program, and improving outdoor space. Fairstead will also expand affordability at the complex by converting existing market-rate units into affordable homes, fostering a mixed-income community with a variety of housing options."

Next year, Fairstead expects to begin renovations on the entire complex with the goal of maintaining and increasing long-term affordability, so that Gateway can operate as a true mixed-income community offering a high quality of life to all residents. The renovations will improve and expand upon Gateway's existing amenities and create better connections throughout the complex. Current amenities include a large community building, fitness room, pool, dog park, playground, volleyball court, and storage units.

The 160 apartments are a mix of market-rate units and affordable homes for families earning 60% AMI. Fairstead's long-term plan for the property is to preserve and increase affordability by converting a portion of the market-rate units into affordable housing for families earning 80% AMI.

The news follows Fairstead's planned acquisition of the Aurora Apartments in the Tobin Hill neighborhood of San Antonio, which provides much-needed low-income senior housing. Fairstead plans to rehabilitate the historic 10-story building's 105 units and add a sprinkler system.

In addition, last month, Fairstead acquired the Essex Plaza portfolio in Newark, New Jersey, adding 691 affordable units to its portfolio. Fairstead will invest more than $27 million for sustainable renovations and improvements, as well as on-site support services for seniors. The Alexandria Redevelopment and Housing Authority (ARHA) recently announced that it had selected Fairstead in partnership with Mill Creek Residential and The Communities Group to redevelop the Samuel Madden Homes in Old Town Alexandria, where the company will create a sustainable mixed-use community with affordable, workforce and market-rate housing.

About Fairstead:
Fairstead is a purpose-driven vertically integrated real estate developer specializing in creating sustainable, high-quality housing. Since 2014, Fairstead has acquired or developed more than $4 billion in property. With offices in New York, Maryland, and South Carolina, Fairstead's team manages 90+ communities across the country and runs its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in prop tech, design and construction, energy and sustainability, property management, marketing, and leasing. The firm also administers one of the industry's most proactive community impact programs to provide on-site support services to residents. For more information, visit www.fairstead.com.

MEDIA CONTACTS:
Jovana Rizzo
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917-836-0618

Claire Holmes
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845-282-0774

SOURCE Fairstead