Fairstead Affordable, an affiliate of Fairstead Capital,announced the purchase of four separate Section 8 properties in the Sunset Park neighborhood of Brooklyn through a public-private partnership with NY Housing Partnership, a not for profit sponsor. The portfolio is comprised of 42 buildings with a total of 403 units.The purchase represents Fairstead’s continued support for New York City affordable housing and long-term belief in the Brooklyn market.

As part of the transaction, Fairstead has entered into new regulatory agreements with New York City Department of Housing Preservation and Development (HPD) to ensure all of the 403 units will remain affordable housing for the next 30 years. The transaction was closed with the unwavering support of New York City Council Member Carlos Menchaca and his staff, HPD, and the U.S. Department of Housing and Urban Development (HUD).

Fairstead plans to implement a capital improvement program tomodernize and enhance all of the properties that will include common area improvements, in-unit repairs, energy system upgrades, and other capital renovations.

About Fairstead Capital

Fairstead Capital is a real estate investor and operator specializing in multifamily housing. Fairstead owns over 6,000 market-rate, work-force and affordable rental units across the U.S.