Equality Community Housing Corporation sold Haverstock Hills Apartments, a 700-unit affordable housing community in Houston’s East Aldine neighborhood, to Fairstead for $242M. That amount includes acquisition and planned rehabilitation.
PNC Multifamily Capital, with support from Harris County Housing Finance Corp. and Rainbow Housing Assistance Corp., financed the project.
Property: 700-unit affordable housing community in Houston
Price: $242M (acquisition and rehab)
Seller: Equality Community Housing Corp.
Buyer: Fairstead
The 22-acre community includes 44 two- and three-story buildings with studios to three-bedroom apartments. All units are supported by project-based Section 8 contracts and governed by Low-Income Housing Tax Credit restrictions for residents earning up to 60% of the area median income (AMI).
Fairstead plans extensive renovations, including new kitchens with energy-efficient appliances, updated bathrooms, flooring and LED lighting. Exterior upgrades will include façade improvements, window replacements and enhanced entrances. Mechanical systems will be modernized for efficiency and long-term performance.
Amenities will be expanded with an updated clubhouse, playgrounds, laundry facilities and a business center. Rainbow Housing Assistance Corp. will provide resident services such as after-school programs, financial literacy and career training.
“The scale of the property presented a unique opportunity to undertake a large renovation that would create durable, high-quality affordable housing for Houston’s low-income community,” said Allan Izzo, senior director of development at Fairstead. “Its size allows us to make meaningful, long-term investments that enhance residents’ quality of life while preserving affordable housing in Houston.”
The rehab is expected to finish in early 2028. Fairstead will serve as both owner and property manager, investing in security upgrades such as improved lighting, cameras and access control systems. They will also partner with local law enforcement to strengthen safety across the community.
“Over the next 24 months, the 45-year-old apartment homes and the families that call Haverstock Hills home will benefit from meaningful, life-changing improvements,” said Rene Martinez, executive director of Harris County Housing Finance Corp. and Harris County Redevelopment Authority.
