Fairstead Acquires 160-Unit Mixed-Income Housing Community in Metro Houston

LAKE JACKSON, TEXAS — Fairstead, a residential investment firm with three offices along the East Coast, has acquired Lake Jackson Apartments, a 160-unit mixed-income community located on the southern outskirts of Houston. The property consists of 11 residential buildings and one communal building on a 14-acre site. The property’s affordable units are reserved for renters earning 60 percent or less of the area median income (AMI). Amenities include a pool, fitness center, dog park, playground, volleyball court and storage units. Fairstead plans to invest about $14 million in capital improvements and preserve affordability by converting a portion of the market-rate units into affordable housing for families earning 80 percent or less of AMI. The seller was not disclosed.