Fairstead closed the $242 million acquisition and rehabilitation of Haverstock Hills Apartments, a 700-unit affordable housing community in Houston’s East Aldine neighborhood.
Haverstock Hills will undergo sweeping renovations, including in-residence, exterior and common area upgrades, as well as enhanced amenities to modernize the property and improve operating efficiencies. Fairstead will also invest heavily in new safety and security measures across the property to improve resident wellbeing and families’ overall experience.
The acquisition and rehabilitation of Haverstock Hills reinforces Fairstead’s commitment to creating thriving, affordable communities in high-demand markets where families feel safe, connected and supported. With this purchase, Fairstead’s Houston portfolio now includes nearly 2,000 affordable homes, while its national footprint spans more than 27,000 residences across 28 states.
Located at 5619 Aldine Bender Road, Haverstock Hills comprises 44 two-and three-story buildings spanning 22 acres. Residences include a mix of studios, one-, two- and three-bedroom units. All homes are supported by project-based Section 8 contracts and governed by Low-Income Housing Tax Credit (LIHTC) affordability restrictions. The community is 100% reserved for residents earning 60% and below the Area Median Income (AMI).
Under Fairstead’s ownership and management, Haverstock Hills will undergo a comprehensive rehabilitation that includes:
- In-unit enhancements: New kitchens with energy-efficient stainless-steel appliances, updated countertops and cabinetry, refreshed bathrooms with upgraded fixtures and faucets, new flooring, freshly painted walls and new LED lighting.
- Building improvements: Enhanced lighting and electrical systems, window upgrades, façade replacement and repainting and improved entrances.
- Mechanical and infrastructure upgrades: Systems improvements to boost operating efficiency and ensure long-term performance.
Additionally, residents will enjoy new amenities that include an updated community building and clubhouse, outdoor playgrounds, upgraded laundry facilities and a business center for resident services. Rainbow Housing Assistance Corporation, a nonprofit organization that provides service-enriched housing programs for residents, will oversee resident programming. Services will include K-12 after-school programming, financial literacy and health programs, career training and other recreational and social activities.
Fairstead will also implement significant security upgrades, including increased lighting, cameras, access control and additional on-site security presence, alongside an enhanced partnership with local law enforcement to further improve safety for residents.
The acquisition of Haverstock Hills Apartments was supported by Fairstead’s long-standing financing partner, PNC Multifamily Capital, as both the debt and equity provider, Harris County Housing Finance Corporation and Rainbow Housing Corporation, who will continue to provide on-site social services.
