Fairstead announced the acquisition and planned renovation of Landmark Apartments, a 120-unit affordable housing community in Chesapeake, Virginia. The total acquisition and rehabilitation costs amount to $34.8 million.
Funded through the Low Income Housing Tax Credit (LIHTC) and Project-Based Voucher programs in collaboration with U.S. Bank, Berkadia, Freddie Mac, Virginia Housing and Chesapeake Redevelopment and Housing Authority, the property will undergo comprehensive renovations.
The transaction follows Fairstead’s groundbreaking of Samuel Madden Homes, a $120 million project creating 207 affordable homes in Old Town Alexandria. The firm’s regional footprint now exceeds 1,300 residences across Virginia. Nationally, Fairstead owns and operates more than 26,000 apartment homes in 28 states.
Landmark Apartments is a garden-style affordable housing community located at 2900 Fireside Road. The community comprises 15 two-floor buildings totaling approximately 106,000 gross square feet. Residences include 72 two-bedroom units and 48 three-bedroom units.
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