Fairstead Named One of the Country’s Top Apartment Owners by NMHC
NEWARK, NJ — Millions of dollars of investment in renovations and improvements are planned to come to Essex Plaza One in Newark after New York-based real estate company Fairstead and investment firm LIHC announced on Monday that they acquired the Essex Plaza portfolio, a fully affordable housing set of properties in the city home to hundreds of seniors and families.
The acquisition comes as part of a partnership with government officials and community organizations. Essex Plaza One, which houses a 450-unit senior housing residence located at 1060 Broad St., will be subject to $27 million in sustainable renovations and improvements and on-site support services. Additionally, more improvements are planned to come to the remaining 12 buildings in the portfolio, according to a statement by Fairstead and LIHC officials.
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