Fairstead announced the $12.4 million revitalization of Broadmeadow Place Apartments, a 19-building, 148-unit multi-generational affordable housing community in Covington, Tennessee that Fairstead acquired in 2022. The budget amounts to $83,700 a unit. The improvements will include both interior and exterior upgrades, as well as amenities.

Designed to serve residents of all ages, including seniors and growing families, Broadmeadow will undergo extensive renovations to apartments, common spaces and building exteriors. The revitalization will also introduce updated accessibility features and expanded resident programs that foster intergenerational connection.

Backed by Regions Affordable Housing, Tennessee Housing Development Agency, and the Town of Covington, Broadmeadow will provide long-term affordable housing to residents through the U.S. Department of Housing and Urban Development’s (HUD) Section 8 housing assistance program. The acquisition and rehabilitation were financed through a combination of permanent debt, equity and Low-Income Housing Tax Credits.

It’s located at 150 Peeler Road. CRG Residential is the general contractor.  Completion is scheduled for November 2026. 

Attend Connect Southeast Multifamily on December 4^th in Key Biscayne when the market experts share the playbook for where capital is moving next, and how the region’s power players are positioning themselves to stay ahead of the national curve. Be there to explore the opportunities, challenges, trends, and the future outlook for the multifamily landscape throughout Florida and the Southeast. www.ConnectSEMF2025.com