NYCHA & Partners Announce Financial Closing of $635.6 Million Project to Renovate the Homes of Nearly 3,500 Residents at Reid Park Rock
Fairstead and Houston Leaders Announce Comprehensive Improvements Coming to Affordable Housing Community
HOUSTON, Feb. 22, 2023 /PRNewswire/ — Fairstead, Houston Mayor Sylvester Turner, City Council Member Tarsha Jackson, and partners today announced a $25 million renovation at Coppertree Village Apartments, a fully affordable community located in the Acres Homes neighborhood of Houston, Texas. Fairstead – a purpose-driven vertically integrated real estate company – developed a comprehensive plan of improvements that will deliver upgrades to all 324 apartments, building systems, and throughout the campus.
“This renovation is an important step in continuing to execute and implement projects that support our goal of providing equitable access to decent housing in underserved neighborhoods. Addressing the continued need for housing is key for making a positive impact in this part of our City,” said Houston Mayor Sylvester Turner.
“I’m happy for the people who live in Coppertree. Everyone deserves a decent place to live. I thank Fairstead for putting in the work to make this happen, and I look forward to working with Fairstead to upkeep these apartments and to foster a cooperation with the surrounding community,” said Council Member Tarsha Jackson.
Fairstead acquired Coppertree Village Apartments in September 2021 and immediately started to address the historical issues and needs of the community while it developed the comprehensive renovation strategy.
“Across the country, affordable housing communities are aging and in need of major rehabilitation strategies to sustainably modernize and future-proof them. When Fairstead acquired Coppertree Village, we knew there was a lot of work to be done, but we saw the potential to transform it into a vibrant place that people are excited to come home to,” said Allan Izzo, Director, Development, at Fairstead. “Fairstead is grateful to Mayor Turner, the City Council, Berkadia, R4 Capital, and the Houston Housing Finance Corporation, for believing in our vision and supporting the residents of Coppertree as we begin to modernize the community and deliver the improvements that residents deserve.”
Financing for the rehabilitation is being provided by Berkadia, R4 Capital, and the Houston Housing Finance Corporation.
“Fairstead’s thoughtful and holistic approach to the renovation at Coppertree Village exemplifies their commitment to providing affordable housing that enhances the lives of residents,” said Matthew Napoleon, Senior Managing Director at Berkadia. “Residents of Coppertree Village will benefit from unit upgrades as well as improvements to the community amenities.”
Senior Managing Director Matt Napoleon and Associate Director Joseph Mandeville of Berkadia Affordable Housing secured the loan. The attractive financing played a significant role in getting this deal closed.
“R4 is proud to have provided the tax credit equity financing for Coppertree Village. Fairstead’s rehabilitation will ensure much-needed safe, quality affordable housing will be made available and remain available to residents for their community to develop and thrive,” said Paul Connolly, Managing Director at R4 Capital.
The renovation will include brand new kitchens with new cabinets, countertops, and Energy Star appliances; new bathrooms with upgraded plumbing, new fixtures, and vanities; LED lighting and ceiling fans; carpets will be replaced with LVT flooring; and new Energy Star windows and window treatments will be installed. Roofing, siding, and aging staircases and balconies will be replaced.
A new playground and community garden will be installed, and the existing community building will be fully renovated into a combined leasing office and community center with amenities including a computer room, community kitchen, and library. Perimeter fencing and vehicular access control will be upgraded as part of the security improvement strategy.
Fairstead and Council Member Tarsha Jackson, who represents the district including Coppertree Village, are collaborating on additional services and improvements for residents and the community.
About Fairstead
Fairstead is a purpose-driven vertically integrated real estate developer specializing in creating sustainable, high-quality housing. The firm’s national footprint includes more than $7.8 billion in assets and identified pipeline. With offices in New York, Maryland, South Carolina, Colorado, and Florida, Fairstead’s team manages 170+ communities across the country and runs a comprehensive real estate platform, including acquisitions and development, venture capital investments in proptech, 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.
About Berkadia®
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
