Hope Village, a 100-unit multifamily property in Glen Allen, Virginia, was acquired by Fairstead in March 2018. 100% of the units at Hope Village benefit from Project Based Section 8, ensuring affordability for years to come. Fairstead implemented a comprehensive in-unit, common area and exterior rehabilitation plan that included the installation of new roofing and hardi-plank siding, new flooring, new kitchens and bathrooms, new Energy Star appliances, low-flow water fixtures, expansions of the community room, renovation of the management office, retrofitting of LED lighting throughout the buildings and site, UFAS accessibility upgrades, expansion of maintenance facilities, upgrade of playground and remedying of asbestos conditions. These renovations were completed with tenant relocation strategies and the rehabilitation received Earthcraft certification.
Fairstead’s preservation plan resulted in an estimated average gas savings of 12%, an estimated average water savings of 40% and an estimated average electricity savings of 22%.