Fairstead acquired the 167-unit Royal Crest Apartments, at 3558 Willhurt Avenue, in Dallas and plans to extensively rehab the Section 8 subsidized housing community.
The redevelopment will feature comprehensive interior and exterior renovations, and the total rehabilitation costs will amount to approximately $24 million. Royal Crest has not had any appreciable improvements since it was built in 1969.
Financial partners for the Royal Crest project include the U.S. Department of Housing and Urban Development (HUD), Housing Options Inc., a subsidiary of the Dallas Housing Authority, and permanent financing through Cedar Rapids Bank and Trust, Capital One National Association, which issued a construction loan, and tax credit equity syndicator Hudson Housing Capital.
Royal Crest Apartments offers a variety of attractions found in the neighborhood. Schedule a time to see the available floorplan options.
Fairstead’s national portfolio exceeds 25,000 affordable homes across 28 states, with its Texas presence totaling 1,166 units.
