Fairstead acquired the
Sunset Park Portfolio in June 2017. Consisting of 408 units across 42 buildings, Sunset Park presented a unique set of challenges to the Fairstead team as the portfolio contains buildings that are 50 – 100 years old, many of which have not been renovated since the 1980s.
Utilizing a proactive approach,
Fairstead implemented a comprehensive in-unit, common area and exterior rehabilitation plan of Sunset that included: multiple levels of roofing and façade upgrades, replacement of windows and fire escapes, UFAS accessibility upgrades, installation of new kitchens and bathrooms, new closets, low-flow water fixtures, and the renovation of all common areas and community rooms. These renovations were completed with tenant-in-place strategies that included the use of hospitality suites.
These renovations resulted in an estimated average gas savings of 12%, an estimated average water savings of 40% and an estimated average electricity savings of 22%.
In addition, our Social Services team forged partnerships with local Neighborhood Coordination Officers and H.E.A.L.T.H for Youth, and improved resident services in education, health awareness, employment services, assisted home care. The team also curated resident events including a Thanksgiving grocery voucher giveaway and holiday toy drives.