Fairstead Unveils Newly Renovated Apartments at Atlantis in Virginia Beach

VIRGINIA BEACH, Virginia, November 18, 2021 / PRNewswire / – Fairstead, a vertically integrated, goal-oriented real estate company committed to sustainability and the creation and preservation of high-quality housing, today unveiled newly renovated homes at Atlantis Apartments in Virginia Beach. The first of 208 affordable apartment homes has undergone large-scale renovations, with families moving into apartments with brand new kitchens, bathrooms, flooring and more this week. Fairstead hosted an open house for all residents of Atlantis to see the completed units and imagine their new homes.

This step marks the start of the first phase of a year of renovation of the apartments. Home to more than 600 residents, the renovation project will bring much-needed improvements – 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 the residents of Atlantis a glimpse of the transformation to come at home. Across the country, Fairstead creates and maintains high quality housing that allows residents to stay and thrive in the communities they love.

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

Following the acquisition of the property in July, Fairstead launched the neighborhood’s first public-private collaboration on Atlantis Community Day, created to provide essential community social services in partnership with more than 20 civic organizations and local religious to Atlantis residents, as well as Fairstead’s first annual event $ 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 and Neighborhood Preservation, Parks and Recreation, the Department of Health, local law enforcement and Fairstead.

Since acquiring the property, Fairstead has worked with local partners to deliver services and programs to Atlantis. Fairstead created a monthly partner-parent meeting to encourage closer links between school and home and provided transportation for children to school in case of driver shortages. The Virginia Beach Public schools brought their reading bus to Atlantis, a fun and engaging way for families to promote reading and literacy. Atlantis parents hosted a fall community Halloween festival, with support from Fairstead, after connecting through a monthly partner and parent meeting. Fairstead also coordinated a COVID vaccination clinic, providing access to the vaccine to Atlantis and our neighbors.

Fairstead’s design and construction team leads its renovation projects across the country. Since march 2020, Fairstead completed 1,199 renovations. Having an internal team provides cost effective and efficient solutions for the project. This group of experienced professionals, drawn from architecture, engineering, design and data science, bring a holistic and innovative approach to the renovation process. Fairstead has comprehensive repossession procedures, which have been streamlined in the transition of over 10,000 units to in-house management due to acquisitions and the transfer of assets to in-house management.

Fairstead recently announced a new $ 500 million commitment of equity capital to strategically develop the company’s operations, including expanding its multi-family housing portfolio and enhancing the company’s accessory technology, sustainability and community impact programs. The company made significant acquisitions this month, including 691 affordable housing units for seniors and families in Newark, New Jersey. The Alexandria Redevelopment and Housing Authority (ARHA) recently announced that it has chosen 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 establish. a sustainable mixed-use community. with affordable housing and for the workforce.

About Fairstead

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

SOURCE Fairstead


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