March 27, 2020
Fairstead acquired Festival Field Apartments, a 204-unit Section 8 family apartment property in Newport, RI, for $33.25 million. The acquisition was financed through the issuance of low-income housing tax credits and tax-exempt bonds issued through RIHousing.
As part of the acquisition, Fairstead plans an extensive property-wide rehabilitation in excess of $17 million, which will include the renovation of all roofs, sidings, windows, and boilers. In addition, all units will receive new kitchens, flooring, cabinets and bathrooms. Fairstead will also be developing new ADA-accessible units and a state-of-the art community center.
“Our acquisition and complete renovation of the Festival Field Apartments property supports Fairstead’s mission to provide people with a great place to live, regardless of income,” said Will Blodgett, co-founder and partner of Fairstead. “Right away, we will commence an $85,000 per unit renovation that will bring quality, affordable housing to this community.
For comments, questions or concerns, please contact Paul Bubny