NEW YORK CITY — Fairstead and Invesco Real Estate will invest $20 million to renovate two affordable housing properties, Linden Apartments in Upper Manhattan and Locust Apartments in the Bronx. The joint venture team acquired the properties in 2021. All residences in the developments are protected by project-based Section 8 contracts that guarantee household rent caps at 50 percent of area median income.
The Linden consists of 301 homes across 11 buildings while the Locust community is comprised of 409 homes across eight buildings. The two sites are part of Fairstead’s larger Section 8 portfolio, which includes approximately 2,000 homes across 48 buildings in Upper Manhattan and the Bronx.
Built in the early 1900s, the Linden Apartments and Locust Apartments upgrades will include façade repairs and interior improvements. Additionally, a 5,000-square-foot courtyard within the Linden Apartments community will undergo renovations. The financing also will support new referral services, directing residents to resources related to food pantries, English as a second language courses, benefits support and fitness and recreational opportunities.
The financing was provided by the New York City Department of Housing Preservation and Development’s HUD Multifamily 420-c program, which offers private owners of Section 8 housing financing that supports long-term affordability.