Fairstead, a nationwide affordable-housing investor, has acquired Haverstock Hills Apartments in Houston for $242 million and plans a comprehensive rehabilitation of the 700-unit community. Renovations will include upgrades to residences, building exteriors, common areas, and amenities to modernize the property and improve operational efficiency.
Located at 5619 Aldine Bender Road, Haverstock Hills spans 44 two- and three-story buildings across 22 acres. The community offers a mix of studio, one-, two-, and three-bedroom apartments, all supported by project-based Section 8 contracts and subject to Low-Income Housing Tax Credit (LIHTC) restrictions for households earning 60% or less of the Area Median Income (AMI).
Fairstead said the acquisition reinforces its commitment to creating thriving, affordable communities in high-demand markets. With this purchase, the company’s Houston portfolio now includes nearly 2,000 affordable homes, and its national footprint spans more than 27,000 units across 28 states.
While Haverstock Hills is one of the largest affordable-housing deals in Houston in recent years, it illustrates a broader reality — even a $242 million investment in 700 units barely scratches the surface of the national affordable housing shortage. Renovating aging properties is critical but costly, with in-unit upgrades, building system improvements, and community amenities running tens of thousands per unit. Preservation is increasingly essential as the nation faces an urgent gap in affordable rental housing. Reports from the Public and Affordable Housing Research Corporation (PAHRC) and the Council of Large Public Housing Authorities (CLPHA) estimate that maintaining the nation’s roughly 899,000 public-housing units would require $169 billion in capital improvements, while rising construction costs and inflation make both preservation and new development more difficult.
Nationwide, the affordable housing shortage is severe. According to the National Low Income Housing Coalition, extremely low-income renters face a deficit of 7.1 million affordable and available rental homes, with only 35 units per 100 households, leaving three-quarters severely cost-burdened. Even federal programs reach only a fraction of those in need: HUD reports roughly 970,000 households live in public housing and 4.4 million receive rental assistance, yet over 21 million renter households remain cost-burdened. HUD’s Fair Market Rents rose 12% in FY 2024, further straining assistance programs.
Texas is among the hardest-hit states. According to NLIHC, Houston–The Woodlands–Sugar Land has just 15 affordable units per 100 renter households, the second-most severe shortage in the nation, an 85% deficit. Dallas–Fort Worth–Arlington has 17 units per 100 households, and Austin–Round Rock–Georgetown has 21.
© 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.