New York investment firm buys 10-building apartment community in Houston, plans renovations

A New York-based real estate investment firm that specializes in sustainable affordable housing has closed a $20 million investment for a multi-building community in Sunnyside with plans to renovate the property.

Fairstead acquired Sunflower Terrace Apartments at 5050 Sunflower St. in partnership with New York-based mortgage lending affiliate R4 Capital and the Houston Housing Finance Corp., a nonprofit affiliated with the city of Houston that aims to help fund safe and sanitary housing at affordable rates. The deal closed July 2.

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