Fairstead and Partners Break Ground on $120 Million Redevelopment of Alexandria’s Historic ‘Samuel Madden Homes’ Public Housing Community
National real estate company closes third acquisition in Chesapeake, Virginia, expanding Hampton Roads portfolio to more than 900 affordable residences
Planned renovations include comprehensive interior/exterior upgrades and enhancements to community amenities
CHESAPEAKE, Va. — Fairstead, a leading national real estate company committed to creating, preserving and improving high-quality affordable housing, today announced the acquisition and planned renovation of Landmark Apartments, a 120-unit affordable housing community in Chesapeake, Va. Funded through the Low Income Housing Tax Credit (LIHTC) and Project-Based Voucher (PBV) programs in collaboration with U.S. Bank, Berkadia, Freddie Mac, Virginia Housing and Chesapeake Redevelopment and Housing Authority (CRHA), the property will undergo comprehensive renovations to improve operating efficiencies and resident quality of life. The total acquisition and rehabilitation costs amount to $34.8 million.
Fairstead’s purchase of Landmark Apartments reinforces its commitment to affordable housing creation and long-term preservation strategies in Virginia’s Hampton Roads region. Landmark Apartments is the third property that Fairstead has acquired in Chesapeake, Va., this year. This transaction follows Fairstead’s groundbreaking of Samuel Madden Homes, a $120 million project creating 207 affordable homes in Old Town Alexandria. The firm’s regional footprint now exceeds 1,300 residences across Virginia. Nationally, Fairstead owns and operates more than 26,000 apartment homes in 28 states.
“Over the past year, Fairstead has seen tremendous growth, including our significant expansion into the Hampton Roads region and across Virginia with 337 units acquired in the city of Chesapeake alone,” said Fairstead CEO Jeffrey Goldberg. “This latest acquisition reflects the strong need for affordable housing across the region as well as statewide and serves as an example of how public-private partnerships can create long-term impact within the industry.”
Landmark Apartments is a garden-style affordable housing community located at 2900 Fireside Road. The community comprises 15 two-floor buildings totaling approximately 106,000 gross square feet. Residences include 72 two-bedroom units and 48 three-bedroom units. All apartments are currently reserved for families earning 60% and below the Area Median Income (AMI), which is approximately $63,900 for a household of four.
“We look forward to executing high-quality, comprehensive renovations that will benefit the residents and the surrounding community at Landmark Apartments,” said Francis Yalda, Senior Associate, Development at Fairstead. “Our growth in Chesapeake is matched by our commitment to the residents we serve, and we look forward to continuing to make an impact by driving investment to the region.”
Fairstead’s renovation efforts include over $100,000 of investment per unit, which will include comprehensive in-unit upgrades, such as brand new kitchens, bathrooms, installation of modern appliances, new energy efficient fixtures, new paint, new flooring and lighting. Additional functional and aesthetic enhancements will be made across the interior and exterior of the buildings.
In addition to these comprehensive renovations, residents will enjoy enhanced amenities, including upgrades to the community building and leasing office, laundry room, and new mailboxes. Fairstead will oversee the project renovations and operate the property after construction completion. Harkins Builders will serve as the general contractor while Moseley Architects will lead the design of the property’s apartments and amenity spaces.
Financial partners for the acquisition and development of the project include a mix of public and private institutions, including a construction loan and tax equity investment from U.S. Bank, 4% LIHTCs issued by Virginia Housing, tax-exempt bonds allocated by the Virginia Department of Housing and Community Development, a project-based rental assistance provided by CRHA, and a permanent loan issued by Freddie Mac via Berkadia as servicer.
“We are excited to close our second deal this year with the Fairstead team, supporting the rehabilitation of the Landmark Apartments as both a tax equity investor and construction lender,” Karl Batalden, Affordable Housing Project Manager at U.S. Bancorp Impact Finance, the community development financing subsidiary of U.S. Bank. “Our tailored financing not only helps preserve and enhance affordable housing but also helps build a foundation of financial stability for those who will live here.”
“We’re honored to be a continued financial partner on the rehabilitation of Landmark Apartments and work alongside leading institutions with the same commitment to stability,” said Matthew Napoleon, Senior Managing Director, Berkadia. “Through our financing, we ensure long-term affordability and raise the quality of life for residents and the surrounding community.”
Art Harbin, CRHA’s Executive Director, added that “the Housing Authority is pleased to provide the families we serve with quality housing opportunities in communities of choice. We appreciate the expertise and support that Fairstead, U.S. Bank, Berkadia and the City of Chesapeake have brought forward to make the revitalization of the Landmark Apartments community possible.”
This year, Fairstead closed three high-impact preservation projects in partnership with CRHA, totaling 337 affordable homes in Chesapeake, Virginia, bringing its regional portfolio to more than 900 units.
Construction is scheduled to commence at Landmark Apartments in January 2026 and is expected to reach completion by mid-2027.
