NEW YORK, NY - Fairstead, a fully-integrated real estate firm committed to the preservation of high quality affordable housing, announced the $33.25 million acquisition of Festival Field Apartments, a 204-unit Section 8 family apartment property located in Newport, Rhode Island. The acquisition was financed through the issuance of low-income housing tax credits and tax-exempt bonds issued through RIHousing.
The property is comprised of six three-story walkup buildings, as well as two accessory buildings that house a management office. As part of the acquisition, Fairstead is planning an extensive property-wide rehabilitation in excess of $17 million, which will include the renovation of all roofs, sidings, windows, and boilers. In addition, 100% of units will receive new kitchens, flooring, cabinets and bathrooms. Fairstead will also be developing new ADA-accessible units and a state-of-the art community center.
"We're excited to acquire and begin a much needed renovation of Festival Fields Apartments. Our acquisition and complete renovation of the Festival Field Apartments property supports Fairstead's mission to provide people with a great place to live regardless of income," said Will Blodgett, Co-Founder and Partner of Fairstead. "Right away, we will commence an $85,000 per unit renovation that will bring quality, affordable housing to this community. Fairstead believes it's more important than ever to preserve and enrich communities such as Festival Field Apartments as we continue our commitment to developing and preserving exceptional affordable housing nationwide."
"The need and demand for affordable rental housing is strong in Newport, where 60% of the city's residents are renters," said Carol Ventura, Executive Director of RIHousing. "The rehabilitation of Festival Field Apartments ensures these rental homes remain affordable, safe and healthy for residents for years to come and helps strengthen previous investments made in the North End of Newport."