Fairstead and Partners Break Ground on $120 Million Redevelopment of Alexandria’s Historic ‘Samuel Madden Homes’ Public Housing Community
Rehabilitation efforts mark national real estate company’s first Low-Income Housing Tax Credit (LIHTC) project in the state.
Renovations across the 19-building complex will include in-unit and exterior upgrades, along with expanded resident services delivered in partnership with nonprofit partner Rainbow Housing Assistance Corporation.
As both owner and property manager, Fairstead will deliver free high-speed internet and cable to all households.
MEMPHIS — Fairstead, a leading national real estate company committed to creating, preserving and improving high-quality affordable housing, today announced the $12.4 million revitalization of Broadmeadow Place Apartments, a 19-building, 148-unit multi-generational affordable housing community in Covington, Tennessee that Fairstead acquired in 2022. Designed to serve residents of all ages, including seniors and growing families, Broadmeadow will undergo extensive renovations to apartments, common spaces and building exteriors. The revitalization will also introduce updated accessibility features, upgraded amenities and expanded resident programs that foster intergenerational connection.
Fairstead’s renovation of Broadmeadow Place Apartments reinforces its long-term commitment to preserving and improving quality, affordable homes for residents across the country. The project marks Fairstead’s first Low-Income Housing Tax Credit (LIHTC) project in Tennessee. The firm’s national portfolio includes more than 26,000 apartment homes across 28 states.
Backed by Regions Affordable Housing, Tennessee Housing Development Agency, and the Town of Covington, Broadmeadow will provide long-term affordable housing to residents through the U.S. Department of Housing and Urban Development’s (HUD) Section 8 housing assistance program. The acquisition and rehabilitation were financed through a combination of permanent debt, equity and Low-Income Housing Tax Credits.
“Our work at Broadmeadow Place represents Fairstead’s commitment to our communities nationwide, from preserving affordability to investing in communities and delivering high-quality housing for families and seniors alike,” said Fairstead CEO Jeffrey Goldberg. “We’re proud to bring our first LIHTC project to Tennessee and look forward to partnering with local stakeholders to create lasting impact for Covington residents.”
Located at 150 Peeler Road, Broadmeadow Place Apartments spans 19 buildings and comprises a mix of 20 one- and two-bedroom residences for seniors, and 128 one-, two- and three-bedroom homes for families earning 60% and below the Area Median Income (AMI). Broadmeadow will undergo extensive renovations by DNA Architects, totaling nearly $12.4 million in hard costs, or approximately $83,700 per residence. CRG Residential is the general contractor.
Project upgrades will include:
- In-unit enhancements: New kitchens with energy-efficient stainless-steel appliances, updated countertops and cabinetry, refreshed bathrooms with upgraded fixtures and faucets, new flooring, freshly painted walls and washer/dryer installations in every home.
- Building improvements: Enhanced lighting and electrical systems, window upgrades, façade replacement and repainting, and improved entrances.
- Mechanical and infrastructure upgrades: Systems improvements to boost operating efficiency and ensure long-term performance.
In addition to these comprehensive renovations, residents will enjoy a refreshed suite of amenities. The community room is undergoing a major transformation, with substantial upgrades and an expansion designed to significantly improve the space. Other new and improved features include a modern fitness center, a new playground, a computer center, and a pergola.
Designed to foster intergenerational interaction and strengthen social connections across age groups, the enhanced community center will provide on-site youth enrichment opportunities, financial literacy and health programs, career training, and recreational activities led by local nonprofit, Rainbow Housing Assistance Corporation. Under Fairstead’s ownership and management, all residents of Broadmeadow Place Apartments will also receive free cable and high-speed internet through LynxNet.
“This investment in Covington is a win for families, seniors, and the future of affordable housing in Tennessee,” said Ralph Perrey, Executive Director at Tennessee Housing Development Agency. “We’re excited to see the transformation of Broadmeadow Place and the positive impact it will have on residents.”
Renovations at Broadmeadow are scheduled to begin this fall, with completion scheduled for November 2026.
