Pharrell Williams Joins Fairstead and Residents of Atlantis Apartments for Community Event & LEGO Giveaway
Residents and Community Leaders Celebrate the Start of Renovations by Touring Model Unit at Affordable Housing Community
Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the preservation of high-quality affordable housing, hosted residents and local leaders, including Council Members Julian Ramirez and Willie Davis, for a tour of a model renovated unit at Yale Village Apartments in Houston, Texas. The model unit showcases the significant improvements that are set to be made to the 250-unit affordable housing community during the more than $20 million renovations.
The event, which took place on Thursday, February 20th, was a celebration kick off to the renovations to come and included free Italian Ice from locally owned Gelu Italian Ice food trucks, underscoring Fairstead’s commitment to not only providing quality housing but also fostering a thriving community for its residents. The tour highlighted the extensive upgrades underway at the property including unit interiors, such as kitchen renovations featuring new energy-efficient appliances, countertops, flooring, cabinetry, and lighting.
“We are grateful to have the opportunity to invite our residents and local leaders to see what is to come for the community at Yale Village in the months ahead and to thank them for their partnership during this process,” said Allan Izzo, Senior Director, Development, Fairstead. “These forthcoming renovations will ensure that Yale Village remains a vibrant and affordable place for our residents to call home for generations to come.”
Originally built in 1970, Yale Village Apartments offers a mix of one- to five-bedroom units spread across 34 two-story buildings in Houston’s Northwest neighborhood. Fairstead acquired the property and embarked on a nearly $20 million rehabilitation project, which began in Summer 2024. Rents at Yale Village remain capped at 30% of residents’ income, and the units are income-restricted at 50-60% of the Area Median Income (AMI).
In addition to Rainbow, which provides social services, including after-school programs for youth at Yale Village, Houston Housing Finance Corporation is a partner in the acquisition, CREA provided equity, Lument provided debt financing, and Woodforest provided a bridge loan on the deal. Each of the partners are integral to the critical upgrades that will be made at Yale Village Apartments.
