Fairstead, a fully-integrated real estate firm committed to affordable housing, has launched an investment vehicle targeting affordable housing general partner (GP) interests with the acquisition of the GP interests in a 1,568-unit portfolio from The Hampstead Companies. The portfolio, valued at $160 Million, includes 16 properties in California, Arizona, Nevada, Georgia, South Carolina and Maryland.
The acquisition increases Fairstead’s footprint to 14 states and more than 11,500 affordable, mixed-income and market-rate rental units. In the last three years, Fairstead has acquired more than 8,000 units of affordable housing across the country.
“The acquisition, rehabilitation, and preservation of affordable housing has been a priority of Fairstead’s since day one,” said Will Blodgett, Fairstead co-founder and partner. “This transaction is the first of what we hope will be many for our new investment vehicle targeting GP interests in large affordable housing portfolios across the country.”
Fairstead is seamlessly taking on property improvements throughout the portfolio and is dedicated to continuing Hampstead’s legacy of providing and preserving high-quality, affordable housing, Blodgett said.