Fairstead Unveils Newly Renovated Apartments At Atlantis In Virginia Beach

VIRGINIA BEACH, Va., Nov. 18, 2021 /PRNewswire/ -- Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, today unveiled newly renovated homes at Atlantis Apartments in Virginia Beach. The first of the 208 affordable apartment homes have undergone full-scale renovations, with the families moving into apartments with brand new kitchens, bathrooms, flooring, and more this week. Fairstead hosted an Open House for all Atlantis residents to see the completed units and envision their new homes.

This milestone kicks off phase one of a year of apartment renovations. Home to more than 600 residents, the renovation project will provide much-needed upgrades – the first in 15 years – to the 51-year-old property.

"Fairstead is committed to the future of Atlantis," said Estelle Chan, Director, Development at Fairstead. "We are proud to show our progress and give Atlantis residents a preview of the transformation to come to their homes. Across the country, Fairstead is creating and preserving high quality housing that enables residents to stay and thrive in the communities they love."

Fairstead acquired the Virginia Beach property in July and is investing $15 million in renovations for the 12-acre community, including new kitchens, appliances, bathrooms, flooring, and fixtures, as well as new windows, roofs, and improved HVAC systems. In addition to the existing amenities – a daycare, laundry facilities, basketball courts and playgrounds – Fairstead is adding a community garden, fitness center, and computer room.

Following its acquisition of the property in July, Fairstead launched the neighborhood's first public-private collaboration at Atlantis Community Day, created to provide critical community social services in partnership with more than 20 local civic and religious organizations to Atlantis residents, along with Fairstead's first annual $25,000 donation to support the Virginia Beach Parks and Recreation Youth Opportunities Office. The new public-private collaboration includes representatives from the Seatack Civic League, Virginia Beach Public Libraries, Palms Church, the Department of Education, Housing & Neighborhood Preservation, Parks & Recreation, the Department of Health, local law enforcement and Fairstead.

Since acquiring the property, Fairstead has worked with local partners to bring services and programming to Atlantis. Fairstead created a monthly partner-parents meeting to encourage stronger school-home connections and provided transportation for children to get to school during a driver's shortage. The Virginia Beach Public Schools has brought its Reading Bus to Atlantis, a fun and engaging way for families to promote reading and literacy. Parents at Atlantis hosted a Halloween Fall Festival for the community, with support from Fairstead, after connecting at a monthly partner-parents meeting. Fairstead also coordinated a COVID vaccine clinic, bringing access to the vaccine to Atlantis and our neighbors.

Fairstead's Design and Construction team leads its renovation projects around the country. Since March 2020, Fairstead has completed 1,199 renovations. Having an in-house team provides cost-effective and project-efficient solutions. This group of experienced professionals—with backgrounds in architecture, engineering, design, and data science—brings a holistic and innovative approach to the renovation process. Fairstead has comprehensive property takeover procedures, which have been streamlined during the transitions of more than 10,000 units to in-house management due to acquisitions and bringing assets to in-house management.

Fairstead recently announced a new $500 million equity commitment to strategically grow the company's operations, including expanding its multi-family housing portfolio and enhancing the firm's prop tech, sustainability, and community impact programming. The company has made major acquisitions this month including 691 units of affordable housing for seniors and families in Newark, New Jersey. The Alexandria Redevelopment and Housing Authority (ARHA) recently announced that it has selected Fairstead, in partnership with Mill Creek Residential and The Communities Group, to redevelop the Samuel Madden Homes in Old Town Alexandria, where the company will create a sustainable mixed-use community with affordable and workforce housing.

About Fairstead

Fairstead is a purpose-driven vertically integrated real estate developer specializing in creating sustainable, high-quality housing. Since 2014, Fairstead has acquired or developed more than $4 billion in property. With offices in New York, Maryland, and South Carolina, Fairstead's team manages 90+ communities across the country and runs its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in prop tech, design and construction, energy and sustainability, property management, marketing, and leasing. The firm also administers one of the industry's most proactive community impact programs to provide on-site support services to residents. For more information, visit www.fairstead.com.

SOURCE Fairstead