Fairstead, real estate company committed to sustainable development and the creation and preservation of affordable housing, on Monday announced the acquisition of Cambridge Square, a residential community comprised of 200 affordable apartment homes in central Covington.
In addition to extending the affordability of the property, Fairstead will invest $12 million to renovate and modernize the eight two-story buildings originally built in 1979.
“All families deserve to live in a place they’re proud to call ‘home,’” said Covington Mayor, Joe Meyer. “We’re thrilled that Fairstead is investing money and energy into updating the Cambridge Square complex in Covington to elevate its status as an attractive, modern, safe, and affordable community that contributes to the quality of life of our residents.”
“The revitalization of Cambridge Square is a perfect example of how public-private partnerships can help cities modernize and protect their aging affordable housing assets,” said Bobby Byrd, Senior Vice President of Acquisitions & Development at Fairstead. “Fairstead believes everyone, regardless of income level, deserves a great home and I want to thank the Kentucky Housing Corporation and Mayor Joseph Meyer for sharing in this belief and helping to reimagine Cambridge Square. Approaching affordable housing neighborhoods with a community-first mindset ensures residents will have affordable housing that not only meets their needs but enhances their overall quality-of-life.”
“Kentucky Housing Corporation is proud to partner with developers like Fairstead to expand affordable housing opportunities throughout the state,” said Winston Miller, Kentucky Housing Corporation Executive Director and Chief Executive Officer. “At KHC, we believe that affordable housing creates good neighbors. When people have a safe, stable foundation for their success, they are more likely to invest in and enhance their communities. Projects like Cambridge Square are strengthening the communities they serve.”
For the 200-unit rehabilitation project, KHC awarded Fairstead $26 million in tax-exempt bonds and more than $1.5 million in Low Income Housing Tax Credits in December 2020 to preserve 60 one-bedroom, 100 two-bedroom and 40 three-bedroom units all of which serve low-income residents and families in the Covington area.
“Rehabilitation projects are critical to preserving the supply of affordable housing, and we are pleased that Cambridge Square will continue serving the residents of Covington for years to come,” said Samuel Thorner, Kentucky Housing Corporation Managing Director of Multifamily Programs. “Often, we hear that families have to leave the communities they love to find safe, affordable housing. Projects like Cambridge Square ensure families are able to remain in the place they call home.”
The renovation plan at Cambridge Square includes replacing floors, bathrooms, and lighting fixtures in every apartment, as well as installing all-new kitchen fixtures and appliances, including microwaves. The plan also looks to address new windows, façade improvements, and HVAC systems as well as new roofs and hot water heaters.
Fairstead also plans to make improvements to the community room, playground, and leasing office, along with overall design upgrades to enhance the look and feel of the neighborhood. Finally, the renovation plan includes adding a community garden, dog park, and new picnic areas to further establish a sense of community among residents.
