HOUSTON — Fairstead has secured $25 million in financing from Berkadia, R4 Capital and the Houston Housing Finance Corp. to renovate Coppertree Village Apartments in the Acres Homes neighborhood of Houston. Coppertree Village Apartments is comprised of 324 units set aside for households earning at or below 50 to 60 percent of the area median income (AMI).
Fairstead is a developer based out of New York City. The company acquired Coppertree Village Apartments in September 2021. Houston Housing Finance Corp. is a Texas nonprofit focused on providing financing to affordable housing projects in Houston. Berkadia’s Senior Managing Director Matt Napoleon and Associate Director Joseph Mandeville secured the loan.
Fairstead’s renovation of the community will include LED lighting and ceiling fan installation, new bathrooms, new kitchens with Energy Star-certified appliances and Energy Star-certified windows and window treatments. Roofing, siding, staircases and balconies will also be replaced.
Additionally, Fairstead plans to install a new playground and community garden and will renovate the existing community building into a leasing office and community center with amenities such as a computer room, community kitchen and library. Perimeter fencing and vehicular access control will be upgraded as part of the security improvement strategy.