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Fairstead has acquired 950 affordable housing developments in 16 properties across Kentucky.
Home to 1,500 residents, the developments are in the Bardstown, Barbourville, Hardin, Hodgenville, Lexington, Louisville, Mayfield, New Haven, Scottsville, Shepherdsville, and Radcliff communities. The residences are a mix of family and senior housing and are affordable through the Section 8 and low-income housing tax credit programs.
With the acquisition, Fairstead owns nearly 1,300 units in the state.
“Fairstead is expanding its portfolio throughout the U.S. to foster vibrant communities, ensure that our families and seniors have an affordable, stable place to live, and drive a sustainable future so our neighborhoods can grow and thrive,” said Jeffrey Goldberg, CEO of Fairstead. “From launching Fairstead Ventures, our new venture capital arm dedicated to bringing sustainable new technologies to affordable housing, to monumental new acquisitions, 2022 is shaping up to be our company’s biggest year of growth, including this important partnership with KeyBank for a substantial portfolio in Kentucky.”
Financing for the $52 million acquisition was provided by KeyBank Real Estate Capital.
“KeyBank has a steadfast commitment to helping the clients and communities we serve thrive,” said Eric Steinberg, a senior banker at KeyBank. “We’re excited to be part of Fairstead’s efforts to preserve affordable housing in Kentucky. Their resources and expertise are making a real difference in neighborhoods around the state.”
The seller was not disclosed.
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