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Fairstead Snags $160M National Housing Portfolio
Real estate investor, developer and owner Fairstead has acquired a 1,568-unit affordable housing portfolio with 16 properties in six states for $160 million. The seller was the Hampstead Cos.
The acquisition, which includes properties in California, Arizona, Nevada, Georgia, South Carolina and Maryland, increases Fairstead’s national footprint to 14 states and more than 11,500 affordable, mixed-income and market-rate rental units. Fairstead has acquired more than 8,000 units of affordable housing across the country in the last three years.
“The acquisition, rehabilitation, and preservation of affordable housing has been a priority of Fairstead’s since day one,” said Will Blodgett, partner at Fairstead. “This transaction is the first of what we hope will be many for our new investment vehicle targeting GP interests in large affordable housing portfolios across the country.”
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- ◦Sale/Acquisition
