$4.5 million overhaul will enable residents to enjoy beautiful, affordable homes for years to come
Supportive services, arranged in partnership with community organizations, are expanding access to healthcare and improving quality of life for residents
COVINGTON, Ky. , Aug. 1, 2022 /PRNewswire/ — Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, joined City of Covington Mayor Joseph U. Meyer and the Kentucky Housing Corporation to celebrate the completion of a $4.5 million overhaul of Colony Apartments with a Community Day and ribbon cutting. Residents of the 137-unit senior housing complex will enjoy major home upgrades, including new kitchens, bathrooms, cabinetry, energy-efficient appliances, and lighting, as well as lower monthly utility bills. Fairstead also partnered with local organizations to bolster on-site support services at the property, located at 3800 Locke Street in central Covington, KY.
The comprehensive renovations mark a new beginning for the 43-year-old property. The Community Day celebration brought together residents and community leaders for an afternoon of entertainment and food in honor of the landmark effort. Colony residents had access to free health screenings through community partners and enjoyed local food trucks, a DJ, a magic show, and succulent planting.
“With the help of Kentucky Housing Corporation and Mayor Joseph Meyer, Fairstead has been able to preserve affordable housing and provide residents with important social services to enhance quality of life,” said Bobby Byrd, Managing Partner, Development at Fairstead. “Affordable housing for seniors has become a precious resource. We want our seniors to be able to age in place with dignity and live independently for as long as possible. Our work at Colony is a great example of how we are doing this across the nation.”
“In this chapter of their lives, our oldest residents deserve to live in a place they’re proud to call ‘home,’ a place that feels like community and that brings them peace and comfort,” Covington Mayor Joe Meyer said. “The City of Covington was proud to support Fairstead’s work to elevate the physical surroundings and thus the living conditions at the Colony Apartments here in Latonia to ensure that this vibrant complex is such a place. Congratulations to all.”
Financing for the rehabilitation of Colony Apartments came from the Kentucky Housing Corporation, Capital One, and Boston Financial.
“Kentucky Housing Corporation was proud to participate in the revitalization of the Colony Apartments by providing $662,000 in Low Income Housing Tax Credits and $13.5 million in tax exempt bonds. This project breathes new life into a 43-year-old building, providing Kenton County residents access to more affordable, safe, stable housing. We commend Fairstead and all of the partners on this project and look forward to the grand reopening,” said Winston Miller, Executive Director and CEO of the Kentucky Housing Corporation.
“It’s an exciting milestone to see the renovations completed at Colony Apartments, which will ultimately drive better outcomes for the community’s residents,” said Evan Williams, Capital One Senior Vice President of Agency Finance. “The energy savings and ADA compliance upgrades are evidence of Fairstead’s commitment to preserving quality affordable housing for the senior population in Covington, Kentucky.”
“Boston Financial is proud to have partnered with Fairstead on the preservation of Colony Apartments in Covington, Kentucky,” said Steven Napolitano, Senior Vice President, Boston Financial. “Our investment has helped Fairstead to modernize 137 units of housing for seniors, strengthened their community through tailored on-site services, and preserved much-needed affordable homes for future seniors in the region. We believe in Fairstead’s commitment to building vibrant communities across the US, and our work together reinforces our own vision to create a future where everyone has a home, one investment at a time.”
Renovations of the 137 apartments included new kitchens and bathrooms with new cabinetry, energy-efficient appliances, and lighting. Fairstead also replaced all the windows, roofs, and HVAC systems, as well as a renovating the community room and business center. The outdoor area now features a new gazebo and landscaping improvements, such as new trees and plantings. Fairstead also boosted security measures at the property by adding new lighting and a state-of-the-art camera system.
Supportive services are improving access to care for residents, including through community events, food access, civic engagement, educational opportunities, healthcare, security, and more. The on-site property management and social services team has developed relationships and programming with a diverse range of partner organizations to ensure residents’ needs are met, including the Health Alliance and the Senior Resource Center.
The reopening comes as Fairstead works to complete a $12 million overhaul of the nearby Cambridge Square apartment complex in a deal that also extended the property’s affordability for years to come. The residential community, comprised of 200 affordable apartments, includes gut renovations for every home, as well as improvements to the façade and buildings systems.
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 $6 billion in assets and identified pipeline. With offices in New York, Maryland, and South Carolina, Fairstead’s team manages 90+ communities across the country and runs its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in prop tech, 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. For more information, visit www.fairstead.com.