Fairstead announced the acquisition of the general partner interests in a 1,568-unit portfolio from The Hampstead Cos. The portfolio, valued at $160 million, includes 16 properties in Arizona, California, Georgia, Maryland, Nevada, and South Carolina.
The acquisition increases Fairstead’s national footprint to 14 states and more than 11,500 affordable, mixed-income, and market-rate rental units. In the last three years, Fairstead, a fully integrated real estate firm, has acquired more than 8,000 units of affordable housing across the country.
“The acquisition, rehabilitation, and preservation of affordable housing has been a priority of Fairstead’s since day one,” said Will Blodgett, co-founder and partner of 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.”
Blodgett said the New York-based firm is taking on property improvements throughout the portfolio and is dedicated to continuing Hampstead’s legacy of providing and preserving high-quality, affordable housing.
“Hampstead worked closely with the Fairstead team to structure a series of strategic dispositions that allowed for Hampstead to complete an internal corporate restructure and left the company well positioned for future growth,” said Greg Gossard, president of Hampstead. “The transaction was particularly complex, but the combined team’s tenacity and flexibility allowed for a series of successful closings.”