Impact

Real Estate Reimagined

  • NEW YORK, NY
Sidewalk with buildings and trees in New York City.

In recent years, the real estate industry has been focusing on unused spaces — old malls, stores, office buildings, and hotels, that fill many of our neighborhoods and cities. And for quite some time, the Fairstead team has been thinking about how those spaces could be transformed into vibrant affordable homes for people who truly need them most. In a uniquely New York City reimagining, the former Park 79 hotel has been transformed into an affordable housing community for seniors with on-site support and social services to help residents live independent, fulfilled lives. Located just steps away from Central Park, nearly 100 New Yorkers will now be able to age in place in their own city, just steps away from museums, community centers, health care facilities, and a myriad of outdoor amenities. Park 79 is but one instance of Fairstead’s farsighted approach to development, one predicated on seeing existing spaces with fresh eyes and in a new era of adaptive reuse.

Community

Gateway Lake Jackson

  • LAKE JACKSON, TX
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Gateway Lake Jackson exterior

Located in the heart of Lake Jackson, The Gateway Lake Jackson Apartments prove that affordable housing doesn't mean limited services. This 160-unit community of one-, two-, three-, and four-bedroom homes also provide residents with access to barbecue areas, a fitness center, pool, clubhouse and even a self-serve car wash area. Conveniently located right around the corner from Lake Jackson Freeport Beach, many local restaurants and bars, as well as a plethora of neighborhood services, The Gateway Lake Jackson Apartments puts your next home at the intersection of convenience and comfort.

Senior Residence

Euclid Hill Villa

  • EUCLID, OH
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Euclid Hill Villa Exterior

Fairstead acquired Euclid Hill Villa, we were prepared to significantly renovate this senior affordable property. Today, a suite of improvements is evident inside and out, from updated kitchens and bathrooms to new flooring and energy-efficient lighting to refreshes for the community, fitness, and media rooms. In fact, the latter now features comfortable movie-theater seating. There’s an updated lobby and new lush landscaping as well. Residents also have access to high speed Internet and an on-site clubhouse, hair salon, library, business center, and laundry room. Additionally, they are privy to a range of social services that focus on educational programming, health awareness and home care assistance, not to mention a regular schedule of bond-building events that ensure that the Euclid Hill Villa community will be more than ready.

Impact

A Resident-Centered Approach

  • EUCLID, OH
Cumberland Arms Resident Services

As Fairstead continues to acquire properties in need of repair, our onsite teams have developed a resident-centered customer service program. In practice, this means developing programs and policies that surpass industry standards and preparing for the unexpected. To understand this in practice, imagine Ohio during an especially intense heat wave shortly after Fairstead assumed management of a property with longstanding HVAC issues. While the intention was to keep everything working until new systems could be installed in the fall, the building’s chiller broke leaving residents, including 500 seniors, at risk for heat-related medical complications. As soon as this happened, Fairstead’s vertically integrated teams began problem-solving. As technicians labored to refit the physical plant, Fairstead’s customer service experts set up onsite “cooling centers” (complete with water, food, Wi-Fi, and entertainment systems), provided fans and other personal cooling devices, hired nurses to meet on-site health needs, and relocated at-risk residents. All the while, Fairstead’s communications team kept stakeholders updated. At the conclusion, Fairstead received a note from local partners, praising the extraordinary response. But the real satisfaction, of course, was in the thank you notes and cards the residents delivered to our onsite team members.

Senior Residence

Franklin Square Village

  • GLENDORA, NJ
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Franklin Square Apartments

The well-manicured lawns of Franklin Square Village speak volumes about what kind of place it is. Specifically, a place that now features renovated apartments with fully upgraded kitchens and bathrooms, freshly appointed with energy-efficient appliances, quality flooring, and LED interior and exterior lighting fixtures. Where improvements to site drainage were made to alleviate stormwater intrusion into ground floor apartments. And where significant upgrades extended even to the community building, including a new HVAC system, new flooring, and new furniture. It is also the kind of place that is staunchly eco-conscious, with newly installed water-saving plumbing fixtures and high-efficiency hot-water heaters, as well as a solar-powered chairlift.

Impact

Partnering for Progress

  • VIRGINIA BEACH, VA
Atlantis Community Day 2022

Atlantis Community Day introduced the 600 residents of the Atlantis Apartments in Virginia Beach to the buildings’ new owners, Fairstead. Because this community, half of whom are children, had experienced considerable challenges tapping into helpful local resources, the Fairstead team arranged for dozens of nonprofit and municipal service providers to be on hand for the event. We believe that well-designed and smartly run buildings are only part of the equation. In addition to the brick and mortar, we provide our residents with critical support services by working hand-in-hand with local boots-on-the-ground groups. To create a thriving development, there needs to be a strong sense of community that is not limited to four walls or a specific geographic square. More relationship-building initiatives — including a $25,000 recurring annual donation to fund youth programs at the Virginia Beach Department of Parks and Recreation — help further education, broaden employment prospects, and alleviate nutrition deficits for the residents at Atlantis.

Senior Residence

Goodlette Arms

  • NAPLES, FL
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Goodlette Arms Exterior

Goodlette Arms will be more than the equal of the sun-drenched, palm-tree-strewn oasis that surrounds it. Large-scale improvements are underway and include enhancements to the gated senior community’s exteriors and the addition of UFAS-accessible walkways. In-unit updates include new floors and kitchen cabinets, eco-friendly appliances and refreshed bathrooms with low-flow plumbing fixtures. Other amenities include resident and co-working lounges, BBQ/picnic area, library, and laundry. Redesigned lobbies and common rooms, along with a fully renovated gym, will further reinvigorate what is an already powerful sense of community.

Impact

A Foundation in Sustainability and Resiliency

  • NEW YORK, NY
Sustainability Monitoring

At Fairstead, neighborhood-strengthening and planet-saving efforts are central to our mission of building vibrant communities for all residents, regardless of income. We view boiler monitoring, low-flow fixtures, and energy-efficient appliances as important core values, and Fairstead’s venture capital arm was designed in part to help us find new solutions to tackling everyday problems in building operations. Residents who reside in affordable housing communities need resilient homes more than most, frequently lacking the extra resources needed to rebound after unplanned events and storms, like an extended city power outage. Our teams are working together to help make our nation’s aging housing stock more resilient so residents can have greater assurance that their homes will be habitable for years to come. 

Community

Woodside Gardens

  • ANNAPOLIS, MD
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Woodside Gardens community room

When acquiring this affordable housing community, Fairstead joined a local effort to turn the tide in a long-challenged region. To do its part, the company renovated the three-story garden-style apartments inside and out, an ambitious undertaking fueled by the belief that affordable housing is a springboard to improved lives. Significantly, the work reduced the property’s carbon footprint, with an energy-saving makeover that included the installation of attic, wall, and pipe insulation; replacement of windows, water heaters, and refrigerators; and upgrades to the HVAC system, lighting, and thermostats. Additionally, the grounds will feature a basketball court, community center, barbecue/picnic area, and library. New outdoor lighting and fencing are being installed as well. Programming, including homework help, community garden tending, and one-on-one social services, are a reflection of our in-house social services team’s commitment to establishing regular communal events and resources tailored to residents’ needs.

Impact

Living in History

  • NEW YORK, NY
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Dunbar Courtyard

Residents in Harlem stroll through the same interior courtyards as activist and scholar W.E.B. DuBois and North Pole explorer Matthew Henson once did decades ago. That’s because Fairstead’s design and construction team places tremendous value on the heritage of the buildings and neighborhoods in our portfolio. We take great pride in incorporating as many irreplaceable historic elements as possible in renovation efforts. We understand that once lost, these details and the stories they evoke are gone forever. Today’s residents in Brookline’s Pelham Hall, just outside Boston proper, enjoy the gorgeous detail work — decorative moldings, crystal doorknobs, brass fixtures, hardwood floors — that yesterday’s original dwellers appreciated. The residents at Brooklyn’s Chocolate Factory Lofts, once a Tootsie Roll plant, enjoy a host of industrial touches — wooden beams, exposed pipes, and iron moldings that evoke a unique sense of place from decades ago. Our aim to pay homage to the past holds true even when an historic element is only a cherished memory, as with the famous Savoy Ballroom in Harlem. Although long gone by the time Fairstead took ownership of the property on which it stood, we honor what was one of the country’s first integrated dance halls through happenings like Sunday Jazz, featuring Savoy resident Michael Young’s Soul Guard Band. These flourishes in materials and programming are never the simplest choice, but rather what some assets demand from their stewards. At Fairstead, we’re always ready to meet such challenges.

Community

Essex Plaza

  • NEWARK, NJ
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Essex Plaza Exterior

Essex Plaza is located in Newark’s Lincoln Plaza Historic District, just minutes from downtown and its many attractions, including the Symphony Hall and Prudential Center. There are 13 properties in this portfolio, and the work currently underway at one of them — a 450-unit seniors residence — represents the kind of refurbishing the other properties can expect in the near future. Fairstead has already invested $27M in sustainable improvements alone: Energy Star™ appliances, window treatments, and more. Kitchens have new quartz countertops as well. A portion of the units will be brought up to UFAS accessibility standards, to accommodate residents with mobility challenges. And the property is being wired for full internet and cable access. Further planned improvements include a rehabbing of the community room and accompanying kitchen, as well as construction of a fitness center. Around-the-clock resident-services personnel will facilitate access to health, medical, and other social services, and also curate community-building events and programming. An example: Fall Festival, which offered dance performances, photo booths, and a dessert bar.

Community

Sweetwater Square

  • GAINESVILLE, FL
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The old fencing at Sweetwater Square was a stark example of the problem that faced Fairstead after acquiring this property: neglected infrastructure. But one yearlong rehabilitation later, the transformation of Sweetwater Square stands as a model for future work of this kind. Each of the one- to four-bedroom apartments underwent gut renovations that added new cabinetry, energy-efficient appliances and lighting, and low-flow fixtures. New windows, roofs, HVAC systems, and a renovated playground highlight the external work. A focus on landscaping, including new-tree plantings, refreshed the property and its curb appeal. Security measures enhanced with new lighting and state-of the-art cameras, a newly hired security detail, centralized access control, and new fencing has made the property much more secure as well. As a condition of acquiring the property, Fairstead gained an extension to its Section 8 status, ensuring a long-term commitment to this level of upkeep at an affordable price point for Sweetwater’s residents. At the same time, the social services team, in partnership with an array of community organizations, has done its part to improve quality of life at Sweetwater Square. Residents now have access to care, including community events and meal service. Residents can be assured of enjoying this access — as well as the other changes — for years to come.

Senior Residence

Cumberland Arms

  • CUMBERLAND, MD
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For more than 100 years, Cumberland Arms has served as its town’s holiday gathering place. Each year, the six-story property hosts Santa’s “arrival” and a New Year’s Eve ball drop, drawing visitors from all over. Outside of the holiday festivities, Cumberland Arms serves as a place that seniors call home. Cumberland Arms is a controlled-access, elevator building, with a lounge, on-site laundry, and library. The mid-rise structure also boasts a spacious courtyard that hosts casual resident meetups and organized community-building events arranged by the on-site management team. Each of the 77 one- and two-bedroom apartments offer plush carpeting, garbage disposals, window coverings, energy efficient appliances, and air conditioning. Fairstead’s in-house property management team brings improved standards of communication, transparency, and upkeep. Over time, the company’s on-site stewardship will usher in even more elder-focused social services to assist with health and wellness issues, in-home care, and food security. And the extension to the building’s Section 8 status that Fairstead secured after acquiring the property assures that this full-service living situation will remain affordable.

Community

Echo Valley

  • WEST WARWICK, RI
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Echo Valley Aerial

The acquisition of Echo Valley provided Fairstead with the chance to try something a little different, and that something has already made a big difference. Included in the company’s $26.4M renovation plan was the implementation of a first-of-its-kind “community” solar program for Rhode Island. The decision to invest in rooftop solar panels for the 10-building complex has made Fairstead a de facto energy company. This “democratization” offers renewable power not only to Echo Valley’s 100 families, but also to the broader community, at a price that is approximately 10% less than that charged by the local utility. As Echo Valley’s residents continue to profit from the solar panel installation, they will also benefit from the extension Fairstead received on the Section 8 / LIHTC status, ensuring the affordability of their living spaces into the future. Those spaces have undergone updates to their kitchens and baths, and received eco-conscious upgrades — including an oil-to-gas conversion to the heating system and air sealing, new flooring, and as-needed accessibility enhancements. Common areas, too, were elevated, with the addition of high-efficiency fixtures and improvements to the security system. New windows and siding have improved the building’s insulation, not to mention its curb appeal.

Community

1500 Locust

  • PHILADELPHIA, PA
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1500 Locust is located in the heart of Center City — in a lively mosaic of best-in-class everything from top to bottom that puts the Philadelphia's finest right in your backyard. The 45-story high-rise boasts a rooftop glass-enclosed, heated swimming pool and jacuzzi with retractable windows at the top level. It also features an expansive roof deck (with grills, cabanas, and pet park), a lounge with a full kitchen, 24/7 state-of-the-art fitness center, screening room, and full-time lobby concierge. When you want to explore the neighborhood, you are a short walk to the Avenue of the Arts, Central Business District and award-winning dining, impressive retail space, and mass transit.

Community

La Rochelle

  • NEW YORK, NEW YORK
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La Rochelle is an 11-story, 19th-century apartment building situated in the heart of the Upper West Side and just one block from New York’s illustrious Central Park. Consisting of 73 apartments, La Rochelle offers a diverse unit mix that ranges from studio to three-bedroom.

Community

The Ivy Rockville

  • ROCKVILLE, MD
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The Ivy Rockville Exterior

The Ivy Rockville features thoughtful design and amenities to complement your lifestyle. With a variety of 2, 3, and 4-bedroom townhomes and apartments, our residences offer quality, comfort, convenience, and unparalleled service. Fully programmed with a private pool, clubroom for work and play, 24-hour fitness center, and also easily accessible to DC and nearby public transportation. Life at The Ivy is not just smarter, it’s brilliant.

Community

Chocolate Factory Lofts

  • BROOKLYN, NY
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exterior view of chocolate factory lofts building

The Chocolate Factory Lofts, located in Brooklyn’s leafy Clinton Hill neighborhood, offer charm and convenience in equal measure. When Fairstead acquired this landmark property — a former manufacturing plant for Tootsie Rolls — in 2019, the company invested $75M in in-unit and common-area renovations. The work ensured that residents can continue to appreciate all of the original architectural details — exposed brick walls, reclaimed wood beams and 12-foot ceilings — as they enjoy the many luxury finishes and modern updates added throughout. Some of those updates — LED lighting upgrades, low-flow kitchen and bathroom fixtures — will mean The Chocolate Factory Lofts will continue to represent eco-conscious Brooklyn living. The comprehensive revitalization plan for this unique, market-rate residence also includes improvements to the lobby, hallways, roof deck, courtyard, and on-site gym. And the property is also being fitted with a co-working space, a timely addition installed to support work-from-home residents. It’s one more bonus of Fairstead’s ongoing commitment to elevate the living experience wherever it puts down roots.

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