Fairstead has secured $202M in financing from PNC Multifamily Capital to acquire Haverstock Hills Apartments
Fairstead announced the $12.4 million revitalization of Broadmeadow Place Apartments, a 19-building, 148-unit multi-generational affordable housing community in Covington, Tennessee that Fairstead acquired in 2022. The budget amounts to $83,700 a unit. The improvements will include both interior and exterior upgrades, as well as amenities.
Designed to serve residents of all ages, including seniors and growing families, Broadmeadow will undergo extensive renovations to apartments, common spaces and building exteriors. The revitalization will also introduce updated accessibility features and expanded resident programs that foster intergenerational connection.
Backed by Regions Affordable Housing, Tennessee Housing Development Agency, and the Town of Covington, Broadmeadow will provide long-term affordable housing to residents through the U.S. Department of Housing and Urban Development’s (HUD) Section 8 housing assistance program. The acquisition and rehabilitation were financed through a combination of permanent debt, equity and Low-Income Housing Tax Credits.
It’s located at 150 Peeler Road. CRG Residential is the general contractor. Completion is scheduled for November 2026.
Read Full Article
