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Fairstead, LIHC Group Acquire Newark’s 691-Unit Affordable Essex Plaza Portfolio

Real Estate Weekly | 11/01/21

Fairstead and LIHC Investment Group have acquired the Essex Plaza portfolio, a 691-unit affordable housing portfolio in Newark, New Jersey.

In partnership with government officials and community organizations, Fairstead and LIHC will invest more than $27 million for sustainable renovations and improvements, as well as on-site support services, for the 450-unit senior housing residence at 1060 Broad Street, also known as Essex Plaza One, with more improvements to come for the remaining twelve buildings in the portfolio.

“Part of our commitment to a stronger and fairer New Jersey has always been to provide basic necessities to those in need,” said Governor Phil Murphy. “Fairstead’s acquisition and renovation of affordable housing stock in Newark will go a long way toward ensuring that residents of the state’s largest city, in particular its senior citizens, have a reasonably priced place to call home.”

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Real Estate Weekly|Fairstead, LIHC Group Acquire Newark’s 691-Unit Affordable Essex Plaza Portfolio|11/01/21