Fairstead Acquires Houston Value-Add Rental Property, to Spend $92K/Unit on Revamp

Fairstead announced the $43.3 million acquisition and revitalization of Coolwood Oaks, a 10-building, 168-unit affordable housing community in Houston. PNC Bank is contributing Low-Income Housing Tax Credit equity, a bridge loan and tax-exempt financing were provided through HHFC, and Low-Income Housing Tax Credits through the TDHCA. 

Located at 777 Coolwood Drive in Houston’s Northshore neighborhood, Coolwood Oaks is a family-designated apartment community comprising a mix of one-, two- and three-bedroom homes. The property is reserved for families earning up to 60% of the Area Median Income (AMI).

Coolwood Oaks will undergo extensive renovations totaling more than $14 million in hard costs, or approximately $92,000 per residence. Renovations include in-unit, exterior and common area upgrades, as well as enhanced amenities to modernize the property and improve operating efficiencies. Fairstead will also include social programming provided by nearby agencies.

The new project grows Fairstead’s Texas footprint to more than 2,000 affordable residences. Fairstead’s national portfolio exceeds 27,000 apartment homes across 28 states.

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