Fairstead’s multifamily footprint has gotten bigger, with its buy of an affordable housing community in Louisville, Kentucky.
The property, known as City View Park, spans 493,000 square feet across multiple buildings. A total of 503 affordable units are included, which break down to 72 one bedrooms, 221 two bedrooms, 179 three bedrooms and 31 four bedrooms. All of the units meet the standards for the low-income housing credits and are set aside for residents making between 40 and 60 percent of the area median income. Also, 468 units qualify for Section 8 contracts.
Fairstead, which will manage City View, plans upgrades, including implementing new amenities and providing free high-speed internet and cable for all residents at the property for no additional charge. The property, first built in the early 1970s, was last renovated in 2021.
The acquisition now gives Fairstead more than 1,600 homes in Kentucky. In all of the U.S, it manages 26,000 apartments.
“The addition of City View as our fifth property in Louisville represents another step forward in our continued commitment to both ownership and management in Kentucky,” Jeffrey Goldberg, CEO of Fairstead, said in a statement.
“We remain dedicated to preserving affordable housing, improving operations and ensuring high-quality resident services at the City View Park community as we continue to grow across the state.”
In terms of multifamily, the South region hosts some of the highest demand markets in the country, according to a recent renter engagement tracker posted by RentCafe. This includes Louisville, Washington, D.C., Amarillo, TX and New Orleans, which were ranked inside the top 30 most sought-after cities.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.