Fairstead Buys 16-Asset Affordable Portfolio in Kentucky

1 min read

Partnering with KeyBank, the firm will preserve the long-term affordability for 950 units.

Chenoweth Woods Apartments

Fairstead, in partnership with KeyBank Real Estate Capital, has acquired 16 affordable housing communities for both families and seniors across Kentucky.

The 16 assets total 950 units and are located in Louisville, Bardstown, Barbourville, Hardin, Hodgenville, Lexington, Mayfield, New Haven, Scottsville, Shepherdsville and Radcliff. They are affordable through the U.S. Department of Housing and Urban Development Section 8 and LIHTC programs. More than 1,500 individuals live in these communities and will benefit from Fairstead and KeyBank’s partnership for the preservation of long-term affordability.

Among the purchased properties are Devex Apartments at 9912 Taylorsville Road, Cathedral Commons at 433 Second St., and Chenoweth Woods Apartments at 14001 Old Station Road in Louisville, Ky., according to public records.

This year, Fairstead launched Fairstead Ventures, a new venture capital arm dedicated to bringing sustainable technologies to affordable housing, said CEO Jeffrey Goldberg in prepared remarks. The company now owns roughly 1,300 units across Kentucky. In 2021, the company acquired the 200-unit affordable Cambridge Square in Covington, Ky., which is currently undergoing a $12 million renovation. This most recent portfolio acquisition is in line with Fairstead’s plans to considerably grow its portfolio by October of this year.

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