Fairstead Ranks Among the Top Affordable Housing Owners by AHF
Pharrell, who grew up at the Atlantis Apartments, which is owned and managed by Fairstead, surprised residents following the release of the biopic set in his hometown
Virginia Beach, Va. – Fairstead, a purpose-driven real estate firm, hosted “Brick by Brick,” a community celebration at Atlantis Apartments in Virginia Beach on Saturday. As a special surprise, renowned musician Pharrell Williams, made an appearance and provided remarks, returning to the community in which he grew up.
In addition to Pharrell’s surprise appearance, the event featured a giveaway of LEGO “Over the Moon” products for each of the property’s 208-units, which were donated through a group partnership between Fairstead, Pharrell, and Lego. The Legos were inspired by the Atlantis Apartments and the biopic Piece by Piece, which premiered this weekend, featuring a rocket ship emblazoned with the words “Atlantis Apts.”
All residents in attendance also received a pair of Adidas Sambas sneakers, with more than 200 sneakers donated by Pharrell and Adidas in celebration of the significance of the Atlantis Apartments in his life and career.
The celebration was shared by more than 200 Atlantis residents, and included a light breakfast, DJ, games, and a speaking program to cap off the festivities. During the program, speakers emphasized how the celebration built upon the rich history and ongoing progress at the Atlantis Apartments, particularly highlighting the completion of $15 million in full-scale renovations in 2022.
“The improvements at Atlantis and today’s celebration are prime examples of Fairstead’s continued commitment to fostering partnerships that create real impact for our residents,” said Estelle Chan, Senior Director, Development at Fairstead. “At Fairstead, we are committed to providing high-quality, affordable housing nationwide and creating communities, like Atlantis, that residents are proud to call home.”
The Atlantis Apartments are an integral part of the Virginia Beach community and were acquired by Fairstead in 2021. With support from Virginia Housing, the Virginia Department of Housing and Community Development, the Virginia Beach Development Authority, and Wells Fargo, Fairstead was able to assemble the financing that resulted in the implementation of revitalization efforts. In 2022, every apartment was renovated, and a wholesale upgrade was made to create new community spaces, including a fitness center, computer room, library and garden. These comprehensive renovations will preserve affordability at the property for years to come, ensuring the community remains a lasting and accessible home for residents.
“Moments like these strengthen our community bonds and allow us to better connect with our residents by creating memories that will last a lifetime. Fairstead’s management team remains committed to supporting our Atlantis-community members and cultivating high-quality affordable communities across Virginia and nationwide,” said Luai Abdallah, Head of Property Management at Fairstead.
Additionally, as a sign of Fairstead’s continued focus on the Mid-Atlantic region, they recently opened a brand-new HQ in Washington, DC. Among other large-scale public-private partnerships, the company is also working on a large-scale redevelopment at the Samuel Madden public housing site in Alexandria, VA, which will bring the total units under ownership in the DMV area to more than 2,000.
