JACKSONVILLE, FL - Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, announced it has acquired the Sable Palms Apartments in Jacksonville, Florida. The acquisition will preserve and extend the affordability of the 200 units and enable investments in improvements to the apartments, buildings, and outdoor space.
"Preserving our affordable housing stock is a critical strategy to supporting our neighborhoods and ensuring that families can stay in the communities they love," said Jordan Capellino, Director, Development at Fairstead. "Fairstead's acquisition of Sable Palms Apartments will extend the affordability of 200 homes and bring improvements to enhance the lives of residents."
The Sable Palms Apartments features 200 one- to four-bedroom units across 29 residential buildings. The campus includes one community building, where the management office is located, as well as two playgrounds, laundry facilities, and parking. Fairstead will preserve and extend the affordability of these units and provide upgrades to the buildings including improved kitchens, bathrooms, appliances, and common areas.
Fairstead recently announced a new $500 million equity commitment to strategically grow the company's operations, including expanding its multi-family housing portfolio and enhancing the firm's prop tech, sustainability, and community impact programming. Fairstead works with community leaders, advocates, and residents to provide programming and services that improve resident health outcomes, provide financial literacy, offer job training, bolster internet access, and provide opportunities for civic engagement.
This purchase is part of Fairstead's ongoing commitment to creating and preserving affordable housing across the nation. This week, Fairstead announced the largest affordable housing deal of the year in New York City with the acquisition of 48 buildings in the Bronx. Last week, Fairstead announced the acquisition of Gateway, 160 apartments in Lake Jackson, Texas, where it will preserve and expand its affordability. In Virginia, the Alexandria Redevelopment and Housing Authority (ARHA) recently announced that it had selected Fairstead in partnership with Mill Creek Residential and The Communities Group to redevelop the Samuel Madden Homes in Old Town Alexandria, nearby the new Amazon HQ2, where the company will create a sustainable mixed-use community with affordable, workforce, and market-rate housing.