CHESAPEAKE, VA. — Fairstead has acquired Landmark Apartments, a 120-unit affordable housing community in Chesapeake, for $34.8 million. The New York City-based affordable housing developer is also planning to redevelop the property. Construction on the renovations is slated to begin in January 2026 and to be complete by mid-2027. All units are reserved for tenants earning no more than 60 percent of the area median income.
Located at 2900 Fireside Road, Landmark Apartments consists of 15 two-floor garden-style buildings that offer 72 two-bedroom units and 48 three-bedroom units. Fairstead’s renovation efforts include approximately $100,000 of investment per unit, which will cover new kitchens, bathrooms, appliances, flooring, lighting and more. The project also will include upgrades to the community building and leasing office, laundry room as well as new mailboxes. Fairstead will oversee the project renovations and operate the property after construction completion. Harkins Builders will serve as the general contractor while Moseley Architects led the design.
The acquisition was funded through Low Income Housing and Tax Credit (LIHTC) and Project-Based Voucher (PBV) programs, as well as a mix of public and private institutional partners including U.S. Bank, Virginia Department of Housing and Community Development, Berkadia and Freddie Mac.