HOUSTON — Fairstead has acquired Haverstock Hills Apartments in Houston’s East Aldine neighborhood. The New York City-based affordable housing developer will renovate the 700-unit property over the next 24 months. The redevelopment and acquisition costs came to $242 million. PNC Multifamily Capital was the debt and equity provider. Harris County Housing Finance Corp. and Rainbow Housing Corp. will continue to provide on-site social services.
Located at 5619 Aldine Bender Road, Haverstock Hills comprises 44 two- and three-story buildings spanning 22 acres. Residences include a mix of studios, one-, two- and three-bedroom units. All homes are supported by project-based Section 8 contracts and governed by Low-Income Housing Tax Credit (LIHTC) affordability restrictions. All units are reserved for renters earning no more than 60 percent of area median income.
Fairstead will update unit kitchens with energy-efficient stainless-steel appliances, updated countertops and cabinetry and will refresh bathrooms with upgraded fixtures and faucets, new flooring and paint and new LED lighting.
Building improvements include enhanced lighting and electrical systems, window upgrades, façade replacement and repainting, improved entrances and updated clubhouse and more. Fairstead will also implement security upgrades, including increased lighting, cameras, access control and additional on-site security presence, alongside a partnership with local law enforcement. On-site services include K-12 after-school programming, financial literacy and health programs, career training and other recreational and social activities. The property was first developed in approximately 1980.