Heritage Acres, a 76-unit multifamily property in Suffolk, Virginia, was acquired by Fairstead in March 2018. 100% of the units at Heritage Acres benefit from Project Based Section 8 ensuring the property’s affordability for years to come. Fairstead implemented a comprehensive in-unit, common area and exterior preservation plan, including the installation of high-efficiency appliances, water, interior and exterior lighting fixtures, new flooring, new kitchens and bathrooms, a new community room, a new playground and upgraded basketball court, UFAS accessibility upgrades, replacement of HVAC systems, replacement of roofing, duct cleaning and sealing, street paving and attic insulation. The rehabilitation received Earthcraft certification.
As part of our preservation plan, Fairstead’s environmentally conscious approach resulted in a 16% reduction in electricity consumption and a 23% reduction in water consumption from 2018 to 2019.