Fairstead has closed on $20 million for the purchase and rehabilitation of Sunflower Terrace Apartments, a 160-unit affordable housing community located in Houston, Texas. Fairstead will partner with R4 Capital and its affiliate R4 Capital Funding alongside the Houston Housing Finance Corporation to renovate the 1971-built property’s apartments.
Fairstead and its partners intend to focus on renovations to common areas, unit interiors, building exteriors and mechanical systems. Site infrastructure will be improved to upgrade building operating efficiencies and residents’ quality of living. Within the units, upgrades will include new kitchens with updated appliances, countertops and cabinets, alongside new fixtures, faucets and lighting systems in bathrooms.
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Upon acquiring Sunflower Terrace, Fairstead and HHFC will assume the role of owner, and
Fairstead will also assume duties as developer and property manager. Construction work at the apartment community is slated to begin later this summer, with completion expected in August of next year.
Upgrades, inside and out
Completed in 1971 at 5050 Sunflower Street in Houston’s southern Sunnyside neighborhood, Sunflower Terrace Apartments incorporates a mix of 10 two- and three-story buildings spread across seven acres. The community features 24 one-bedroom, 72 two-bedroom, 52 three-bedroom and 12 four-bedroom apartments.
The units are under a project-based Section 8 contract and will be earmarked for low- and very low-income families. Have of the apartments will be capped at 50 percent of the Area Median Income, while the other units will be designated for renters earning 60 percent AMI.
Fairstead’s national footprint now exceeds 25,000 affordable homes across 28 states. Its Houston portfolio is poised to expand by more than 1,000 in-market units by the end of this year. In May, the firm landed $120 million for the ground-up redevelopment of a 207-unit affordable housing community located in Washington, D.C.
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