NYCHA & Partners Announce Financial Closing of $635.6 Million Project to Renovate the Homes of Nearly 3,500 Residents at Reid Park Rock
$100 Million Commitment to Invest in Proptech Startups and Partner with VCs to Bring Leading-Edge Technology to Affordable Housing Residents & Communities
Fairstead Ventures will Prioritize Investments in Decarbonization, Energy, & Sustainability
NEW YORK, May 5, 2022 /PRNewswire/ — Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, announced the launch of Fairstead Ventures today. This $100 million initiative will focus on strategic investments and deploying leading-edge technologies across Fairstead’s affordable housing portfolio, which is on track to grow to over 30,000 units over the next year.
“The creation of Fairstead Ventures advances our dedication to fundamentally changing the standards in the housing industry, particularly at the intersection of sustainability and affordability,” said Jeffrey Goldberg, CEO of Fairstead. “By utilizing our capital and expertise in private equity and venture investing, we will bring innovative solutions to affordable housing nationwide.”
Fairstead named Aki Karja the company’s Director of Proptech to realize Fairstead Ventures’ vision to sustainably retrofit aging affordable housing stock with the latest technology solutions while creating state-of-the-art new developments. Fairstead Ventures will act as a strategic investor piloting innovative products and services and scaling new and proven technologies to enterprise level.
“For too long, affordable housing has been underserved in tech, even though the impact could be immense,” said Aki Karja, Director of Proptech. “I will be looking for innovative new startups to invest in and pilot at our properties, as well as VC firms to partner and co-invest with, to green our communities and improve the health of our residents. I am honored to work with the Fairstead team to ensure affordable housing benefits from advancements in the tech industry and bring our leadership team’s vision to life.”
Fairstead Ventures has already leveraged some of its funds towards innovative pilot programs and strategic partnerships. Fairstead entered into a strategic partnership with Enviro Power, a Hartford-based energy-tech company, to develop and deploy their SmartWatt Boiler cogeneration technology. Additionally, through a partnership with Kwant AI, Fairstead has deployed an AI safety and productivity platform while redeveloping Park 79, a shuttered illegal hotel that Fairstead acquired and is converting into affordable housing for seniors on the Upper West Side of Manhattan.
The launch of Fairstead Ventures is part of Fairstead’s $500 million equity commitment announced last fall to strategically grow the company’s operations, including expanding its multi-family housing portfolio and enhancing the firm’s proptech, sustainability, and community impact programming.
About Fairstead
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 proptech, 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.
