New York investment firm buys 10-building apartment community in Houston, plans renovations
Fairstead Announces $26M Rehabilitation of 152-Unit Affordable Housing Community in Chesapeake, Virginia
Leading national real estate company expands Hampton Roads portfolio in Virginia with the acquisition and planned renovation of a 53-year-old public housing community.
In partnership with Chesapeake Redevelopment and Housing Authority (CRHA), Virginia Housing, and Hudson Housing Capital, the newly renovated community will serve families earning 60% and below the Area Median Income.
Comprehensive renovations to include in-unit interior and exterior upgrades and modernized community amenities.
CHESAPEAKE, Va. (September 15, 2025) — Fairstead, a leading national real estate company committed to creating, preserving, and improving high-quality affordable housing, today announced the $26 million revitalization of MacDonald Manor, a six-building, 152-unit affordable housing community located in Chesapeake, Va. Working in partnership with the Chesapeake Redevelopment and Housing Authority (CRHA), Virginia Housing and Hudson Housing Capital, the rehabilitation of MacDonald Manor will be financed through a federal program that combines elements of the Rental Assistance Demonstration (RAD) and Section 18 programs to ensure critical reinvestment in the community while preserving affordability for residents. Total acquisition and rehabilitation costs amount to $55 million.
Fairstead’s acquisition and renovation of MacDonald Manor reinforces its long-term commitment to affordable housing preservation in the Hampton Roads region of Virginia. The national developer recently announced the $10 million revitalization of Peaceful Village, a 65-unit public housing community in Chesapeake, in April 2025. By year-end, Fairstead will have closed on three projects totaling 337 affordable homes in Chesapeake, bringing its regional portfolio to more than 900 units. Fairstead’s national footprint exceeds 25,000 apartments across 28 states.
“Fairstead’s investment in MacDonald Manor reflects our commitment to preserving affordable housing and developing sustainable homes that create lasting value for the Chesapeake community,” said Fairstead CEO Jeffrey Goldberg. “By continuing to pursue public-private partnerships, like that exemplified by our partnership with CRHA, Virginia Housing and Hudson Housing Capital, we’re able to bring together national and local expertise to support community-first solutions.”
Located at 1331 MacDonald Road, in Chesapeake’s northeast corridor, MacDonald Manor is a six-building, two-story affordable apartment community designated for families. The property features 152 affordable residences, including three one-bedroom residences, 114 two-bedroom residences and 35 three-bedroom residences. Originally built in 1972, the community will be reserved for low-income families earning 60% or less than the Area Median Income (AMI) through Section 8 Project‐Based Vouchers under HUD’s RAD program.
“MacDonald Manor represents our dedication to long-term stability for residents,” said Francis Yalda, Senior Associate, Fairstead. “Our team is proud to work alongside our partners to ensure that high-quality, affordable housing remains a priority in the Chesapeake community.”
Fairstead’s rehabilitation efforts, equating to approximately $172,000 per unit, encompass the following:
Significant in-unit renovations to the kitchen and bathroom areas, including energy-efficient upgrades with modern lighting and plumbing fixtures, and installation of new stainless-steel appliances.
Other in-unit interior improvements include newly installed flooring and freshly painted walls.
Exterior improvements, including the repair and repainting of building facades, and functional upgrades to the roof and windows across the property.
Substantial enhancements to communal facilities, including renovations to the mailboxes, leasing office and community building, laundry facility, and maintenance building.
Revitalized outdoor amenities, such as a refurbished basketball court and new playground equipment.
Property-wide aesthetic improvements, including freshly manicured landscaping.
Improvements to the community’s security, including installation of additional security cameras and site lighting to improve visibility.
Fairstead will oversee renovation efforts at MacDonald Manor.
“The Housing Authority is proud to provide the families we serve with quality housing opportunities in communities of choice,” said John Kownack, Executive Director of the Chesapeake Redevelopment and Housing Authority. “We appreciate greatly the expertise and support that Fairstead, Hudson Housing Capital, Virginia Housing and the City of Chesapeake have brought forward to make the revitalization of the Macdonald Manor community possible.”
Fairstead’s comprehensive work in MacDonald Manor is the firm’s second conversion project in partnership with CRHA, under the U.S. Department of Housing and Urban Development’s (HUD) RAD/Section 18 program. The project will be financed through a combination of tax-exempt bonds, a construction loan, and equity generated from the sale of 4% Low-Income Housing Tax Credits. CRHA will also provide take-back financing to support the project. Together, these resources will enable a substantial rehabilitation and modernization of the property, carried out in partnership with Virginia Housing and the Federal Low-Income Housing Tax Credit (LIHTC) program.
“Hudson Housing Capital is excited to partner with Fairstead and CRHA on the redevelopment of MacDonald Manor through the Low-Income Housing Tax Credit program,” said Kimmel Cameron, Senior Vice President at Hudson Housing Capital. “The rehabilitation of MacDonald Manor will provide much needed upgrades to the 152-unit apartment complex, originally constructed in the early 70s, and ensure safe, stable, and affordable homes for families of the Chesapeake community. We commend our partners at Fairstead and CRHA for their commitment and continued effort to meet this critical community need.”
Renovations at MacDonald Manor are set to commence this fall, with completion scheduled for fall 2027.
