Fairstead, a national CRE firm specializing in affordable housing, is using public-private partnerships, emerging technologies and a multidisciplinary team to expand opportunity and improve residents’ lives. The New York-based company, which also has regional hubs in Colorado, Florida and Washington, D.C., owns more than 27,000 apartments across 28 states.
Investing in Homes and Futures
“At Fairstead, we see our affordable housing communities as launching pads for opportunity,” said Allan Izzo, senior director of development. “Across our portfolio, learning and business centers, after-school programming, health services, financial literacy and community events are built into our rehabilitation strategy.”
That strategy results in thousands of community touchpoints each year.
“In the past year, we’ve hosted more than 5,800 social service events, from blood pressure screenings to support groups, holiday celebrations and after-school programs,” Izzo said.
The impact is measurable.
“Through our after‑school programming, we’ve seen 95% of participating students improve their grades and school attendance, demonstrating how consistent support can directly improve educational milestones,” said Izzo.
Preservation as a Mission
Izzo emphasized the urgency behind Fairstead’s preservation work.
“The affordable housing shortage is being driven not just by a lack of new supply, but by the continued loss of existing affordable homes,” he said. “Fairstead is focused on lessening that loss through preservation. Over the past year, Fairstead has completed the highest number of preservation transactions in our history, with more than 2,300 units acquired and 2,000 units rehabilitated.”
He noted that public-private partnerships are essential to making projects feasible.
“The complex financing structure unique to affordable deals requires deep, long-term collaboration with our municipal, state and federal leaders to secure funding in the form of tax credits, subsidies and grants to make projects pencil. The complexities involved in financing ground-up developments and rehabs are extremely sensitive to volatile shifts in interest rates, tax policy and subsidy programs. Any uncertainty in these areas can derail assumptions. This makes strong collaboration with public partners even more essential to insulate against economic volatility to keep projects moving.”
Coolwood Oaks: Preservation in Action
One recent example is Coolwood Oaks, a $43.3M acquisition in Houston. The 168-unit property, built in 1984 and designated for households earning up to 60% of the area median income, will undergo more than $14M in renovations — about $92,000 per unit, with upgrades led by DNA Workshop.
“Local partners are seeing that preservation offers a practical solution to addressing the housing shortage,” said Izzo. “By rehabilitating viable housing stock, we help prevent the loss of affordable units and ensure the housing crisis is not made worse. Coolwood Oaks is a clear example of this approach, where we are delivering 168 newly renovated affordable homes to families in Houston.”
Fairstead will serve as owner, developer and property manager. Upgrades will be paired with services including a new business center, after-school programs, career training, tax preparation, financial literacy workshops, a resident scholarship fund and community partnerships.
PNC Bank is providing Low-Income Housing Tax Credit (LIHTC) equity. The Houston Housing Finance Corp. (HHFC) and the Texas Department of Housing and Community Affairs are supporting the project through tax-exempt financing and LIHTCs.
“Coolwood Oaks is a prime example of how public-private partnerships can deliver meaningful change,” said Richard Mudd, senior executive director at HHFC. “We’re proud to work alongside Fairstead to ensure Houston families have access to quality, affordable homes.”
Renovations are scheduled to begin this winter, with completion expected in March 2027.
