Fairstead and Partners Break Ground on $120 Million Redevelopment of Alexandria’s Historic ‘Samuel Madden Homes’ Public Housing Community
Fairstead, a leading national real estate company committed to creating and preserving high-quality affordable housing, today announced the $43.3 million acquisition and revitalization of Coolwood Oaks, a 10-building, 168-unit affordable housing community in Houston. Made possible by financing from PNC Bank, Houston Housing Finance Corp. (HHFC) and the Texas Department of Housing and Community Affairs (TDHCA), Coolwood Oaks will undergo sweeping renovations, including in-unit, exterior and common area upgrades, as well as enhanced amenities to modernize the property and improve operating efficiencies.
Under Fairstead’s management, improvements will be complemented by dedicated programming, a resident scholarship fund and community engagement initiatives with local partners, all designed to create opportunities for education, career growth and stronger neighborhood connections.
Fairstead’s acquisition and renovation of Coolwood Oaks reinforces its long-term commitment to preserving and improving quality, affordable homes for residents across the country. The new project grows Fairstead’s Texas footprint to more than 2,000 affordable residences. Fairstead’s national portfolio exceeds 27,000 apartment homes across 28 states.
“Coolwood Oaks represents Fairstead’s commitment to preserving affordability and improving quality of life for Houston families. This acquisition and rehabilitation project demonstrates our continued focus on long-term partnerships that deliver enduring benefits to our communities nationwide,” said Fairstead CEO Jeffrey Goldberg.
Located at 777 Coolwood Drive in Houston’s Northshore neighborhood, Coolwood Oaks is a family-designated apartment community comprising a mix of one-, two- and three-bedroom homes. The property is reserved for families earning up to 60% of the Area Median Income (AMI).
Originally built in 1984, Coolwood Oaks will undergo extensive renovations totaling more than $14 million in hard costs, or approximately $92,000 per residence. Project upgrades will include:
In-unit renovations featuring modernized kitchens with new appliances, countertops and cabinetry; refreshed bathrooms with upgraded fixtures and faucets; enhanced lighting and electrical systems; energy-efficient stainless-steel appliances; newly installed flooring; and freshly painted walls.
Exterior improvements such as repairing and repainting building facades, replacing roofs and windows, and enhancing building entrances.
Mechanical system and infrastructure upgrades to boost operating efficiency and ensure long-term performance.
Common area enhancements, including updates to the leasing office, community building and laundry facility.
Affordable housing specialist DNA Workshop will lead both the architectural design and interior vision for the project.
Residents will also benefit from a dedicated learning and business center overseen by Rainbow Housing Assistance Corp, a nonprofit organization that provides service-enriched housing programs for residents. Services will include K-12 after-school programming, financial literacy and health programs, tax preparation assistance, career training and regular recreational and social activities.
“Fairstead’s investment in Coolwood Oaks goes beyond physical improvements. In addition to extensive renovations, we are building community through the creation of our higher-education scholarship fund, as well as our resident-centric approach to property management and our focus on enhancing resident services,” said Robert Barnard, Senior Director, Development, Fairstead.
In line with its mission to empower families and strengthen communities through investments beyond mere housing preservation, Fairstead will create a resident scholarship fund at Coolwood Oaks to support students in their higher education journey. Additionally, Fairstead’s on-site management team will host trust-building events with local law enforcement to foster stronger community relationships.
“Fairstead’s investment in Coolwood Oaks is a welcome step toward revitalizing our neighborhoods and expanding access to safe, affordable housing,” said Ryan Bibbs, Deputy Assistant Director, City of Houston Housing and Community Development Department. “We’re excited to see the positive impact this project will have on families in Northshore.”
Fairstead will assume the roles of owner, developer and property manager at Coolwood Oaks. PNC Bank is contributing Low-Income Housing Tax Credit equity, a bridge loan and tax-exempt financing were provided through HHFC, and Low-Income Housing Tax Credits through the TDHCA.
“PNC Multifamily Capital remains committed to addressing the shortage of quality affordable housing,” said John Nunnery, Senior Vice President and Manager of Tax Credit Originations with PNC Bank. “Our involvement in the Coolwood Oaks revitalization reflects that commitment, and we look forward to seeing how this investment will strengthen the Houston community and create meaningful opportunities for families.”
“Coolwood Oaks is a prime example of how public-private partnerships can deliver meaningful change,” said Richard Mudd, Sr, Executive Director at Houston Housing Finance Corporation. “We’re proud to work alongside Fairstead to ensure Houston families have access to quality, affordable homes.”
Across the state of Texas, Fairstead owns and manages nearly 2,000 residences, with Houston serving as its largest market. Renovations at Coolwood Oaks are scheduled to begin this winter, with completion scheduled for March 2027.
