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NEW YORK CITY- Fairstead, a real estate firm committed to the preservation of affordable housing, has acquired Festival Field Apartments, a 204-unit Section 8 family apartment property located in Newport, Rhode Island for $33.25 million. The acquisition was financed through the issuance of low-income housing tax credits and tax-exempt bonds issued through RIHousing.
"The need and demand for affordable rental housing is strong in Newport, where 60% of the city's residents are renters," said Carol Ventura, executive director of RIHousing, in a prepared statement. "The rehabilitation of Festival Field Apartments ensures these rental homes remain affordable, safe and healthy for residents for years to come and helps strengthen previous investments made in the North End of Newport."
The property comprises six three-story walkup buildings and two supplemental buildings that house a management office. Fairstead is planning an extensive property-wide rehabilitation, totaling $17 million, which will include the renovation of all roofs, sidings, windows and boilers. In addition, 100 percent of the units will receive new kitchens, flooring, cabinets and bathrooms. Fairstead will also develop new ADA-accessible units and a state-of-the-art community center.
"We're excited to acquire and begin a much-needed renovation of Festival Fields Apartments. 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, in a prepared statement. "Right away, we will commence an $85,000 per unit renovation that will bring quality, affordable housing to this community. Fairstead believes it's more important than ever to preserve and enrich communities such as Festival Field Apartments as we continue our commitment to developing and preserving exceptional affordable housing nationwide."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
