Fairstead buys section 8 family apartment property in Rhode Island

Fairstead has paid $33.25 million to acquire Festival Field Apartments, a 204-unit Section 8 family apartment property located in Newport, R.I. The seller was not disclosed.

The acquisition was financed through the issuance of low-income housing tax credits and tax-exempt bonds issued through RIHousing.

The property comprises six three-story walkup buildings, as well as two accessory buildings that house a management office. As part of the acquisition, Fairstead is planning an extensive property-wide rehabilitation in excess of $17 million, which will include the renovation of all roofs, sidings, windows and boilers. In addition, 100 units will receive new kitchens, flooring, cabinets and bathrooms. Fairstead will also be developing new ADA-accessible units and a state-of-the art community center.

"We're excited to acquire and beg