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 the 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.
