Fairstead is making a significant investment in “affordable housing access” in Dallas with its recent acquisition of Royal Crest, a 167-unit Section 8 subsidized housing community. This marks Fairstead’s entry into the Dallas-Fort Worth metropolitan area and underscores its commitment to providing quality, affordable housing in high-need markets across the United States, as reported by REJournals, Connect CRE, and Bisnow. The company plans a comprehensive rehabilitation of the property to enhance living conditions and community resources for its residents.
Royal Crest Acquisition: A Deep Dive
The Royal Crest community, located at 3558 Willhurt Ave. in the Cedar Crest neighborhood, serves families earning between 50% and 60% of the Area Median Income (AMI). Constructed in 1969, the property has not undergone significant renovations in over half a century. Recognizing the need for modernization and enhanced living standards, Fairstead is committing approximately $24 million to a comprehensive rehabilitation project.
Extensive Rehabilitation Plans
Fairstead’s renovation plans for Royal Crest are ambitious and far-reaching. The company aims to meet National Green Building Standard Gold + Net Zero guidelines, demonstrating a commitment to sustainability and energy efficiency. The rehabilitation will encompass a wide range of improvements, including:
- Common Areas: Upgrading community spaces to foster social interaction and resident engagement.
- Unit Interiors: Modernizing apartments with new fixtures, appliances, and finishes.
- Building Exteriors: Enhancing the curb appeal and structural integrity of the buildings.
- Mechanical Systems: Replacing or upgrading outdated systems for improved efficiency and reliability.
- Site Infrastructure: Addressing any necessary repairs or improvements to the property’s infrastructure.
New Amenities and On-Site Programs
Beyond the physical renovations, Fairstead is also focused on enriching the lives of Royal Crest residents through the addition of new amenities and on-site programs. These initiatives are designed to support residents’ well-being, education, and career development. New amenities will include:
- Clubhouse: A central gathering place for residents to socialize and participate in community events.
- Computer Lab: Providing access to technology and digital literacy resources.
- Play Area: Creating a safe and engaging space for children to play and exercise.
- Food Pantry: Addressing food insecurity by providing access to nutritious food.
- Updated Laundry Facility: Improving the convenience and accessibility of laundry services.
Furthermore, Fairstead will offer on-site programs focused on:
- K-12 After-School Activities: Providing academic support and enrichment opportunities for children.
- Financial Literacy: Equipping residents with the knowledge and skills to manage their finances effectively.
- Health and Wellness: Promoting healthy lifestyles through educational programs and resources.
- Career Training: Helping residents develop the skills and knowledge needed to secure employment.
Financial Partnerships and Project Timeline
The Royal Crest rehabilitation project is made possible through a collaborative effort involving several key financial partners. These include:
- U.S. Department of Housing and Urban Development (HUD): Providing crucial funding and support for affordable housing initiatives.
- Housing Options Inc. (a subsidiary of the Dallas Housing Authority): Partnering to ensure the long-term affordability and sustainability of the community.
- Cedar Rapids Bank and Trust: Providing financial resources and expertise.
- Capital One National Association: Offering financial solutions to support the project’s goals.
- Hudson Housing Capital: Specializing in affordable housing investments and financing.
Renovations commenced in August 2025 and are slated for completion by the fall of 2026. This timeline reflects the scale and complexity of the project, as well as Fairstead’s commitment to delivering high-quality results.
Fairstead’s Commitment to Affordable Housing
Fairstead’s acquisition and planned rehabilitation of Royal Crest exemplify the company’s broader mission to address the critical need for affordable housing across the United States. By investing in existing properties and implementing comprehensive upgrades, Fairstead aims to create vibrant, sustainable communities where residents can thrive. This project aligns with Fairstead’s ongoing efforts to expand access to affordable housing in high-need markets, contributing to the overall well-being and economic stability of the communities they serve.
The expansion into Dallas-Fort Worth signifies a strategic move for Fairstead, demonstrating their dedication to addressing housing challenges in diverse urban areas. The company’s focus on not only improving the physical infrastructure of Royal Crest but also providing valuable on-site programs underscores their holistic approach to community development. By empowering residents with access to education, financial resources, and career training, Fairstead aims to create lasting positive change and break the cycle of poverty.
In conclusion, Fairstead’s acquisition and revitalization of Royal Crest represents a significant investment in affordable housing and community development in Dallas. By partnering with key financial institutions and implementing a comprehensive renovation plan, Fairstead is poised to transform Royal Crest into a thriving community that provides residents with safe, affordable housing and access to essential resources. This project serves as a testament to Fairstead’s commitment to creating positive social impact and addressing the critical need for affordable housing across the nation.
