Berkley Village, a 373-unit multifamily property for the elderly (62+) and disabled families in Newport News, Virginia, was acquired by Fairstead in August 2017. 100% of the units at Berkley Village benefit from two Project Based Section 8 contracts, ensuring its affordability for years to come. Fairstead implemented a comprehensive in-unit, common area, and exterior rehabilitation plan that included kitchen and bath renovations, the installation of new heating and cooling systems, high-efficiency water, interior and exterior lighting fixtures, new Energy Star appliances, and mechanical and UFAS accessibility upgrades. Fairstead made these building improvements with temporary on-site relocation of 10% of the units and tenant-in-place renovations of 90% of the units.
With an energy conscious approach, Fairstead’s rehabilitation plan resulted in a 5% reduction in electricity consumption from 2017 to 2019 and a 42% reduction in water consumption.