HOUSTON — Fairstead, an affordable housing owner-operator based in New York City, has purchased Coolwood Oaks, a 168-unit affordable housing complex in East Houston, for $43.3 million. Built in 1984, the 10-building property houses units that are reserved for households earning 60 percent or less of area median income. Fairstead plans to implement a $14 million renovation of the property and has tapped DNA Workshop as the architect and interior designer for the project. Financing for the acquisition and capital improvements included LIHTC equity and loans from a variety of sources, including PNC Bank, Houston Housing Finance Corp. (HHFC) and the Texas Department of Housing and Community Affairs (TDHCA). FTK Construction Services will be the general contractor for the renovation.
The capital improvement plans at Coolwood Oaks, an affordable housing property in Houston, call for new kitchen appliances, countertops and cabinetry, as well as new flooring and upgraded bathroom fixtures and faucets, in all units. Common areas such as the leasing office and laundry facilities will also be enhanced, as will building and mechanical systems. Fairstead will also repair and repaint building facades and replace roofs and windows.
Fairstead Buys East Houston Affordable Housing Community for $43.3M, Plans $14M Renovation
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