FAIRSTEAD ANNOUNCES ACQUISITION OF HISTORIC AURORA APARTMENTS IN SAN ANTONIO
$15 million the overhaul will preserve the iconic 92-year-old historic residence
The acquisition ensures Dawn will remain affordable and accessible to its senior population for decades to come
SAN ANTONIO, July 25, 2022 /PRNewswire/ — Fairstead, a vertically integrated, goal-oriented real estate company committed to sustainability and the creation and preservation of high-quality housing, today announced the acquisition of the historic Aurora Apartments (Dawn) tower in the Tobin Hill neighborhood of San Antonio. Located at 509 Howard Street, the 11-story building has 105 apartments that house low-income seniors. Fairstead will invest $15 million to rehabilitate the Aurora Apartments while preserving Dawn affordability and long-term historical character.
The renovations will modernize the interior houses of the 92-year-old property and preserve its historic facade as well as the original mosaic floors and walls, historic interior doors and hardware. The renovations will upgrade the building’s infrastructure, including a new standby generator, electrical panels and main switchgear, installation of a sprinkler system, two new elevators and a new roof. The apartments will also be upgraded with new Energy Star appliances, kitchens and bathrooms, and HVAC units. Construction is expected to begin this summer.
“Fairstead is proud to be stewards of historic properties across the country, and we bring our approach to preserving both the history and affordability of Aurora Apartments,” said Allan IzzoDirector, Development at Fairstead. “By expanding our presence in Texas, we can ensure that its essential stock of affordable housing is not only protected, but improved and modernized. Our home renovation plan Dawn ensure that our elderly residents can age in place with dignity, which we are committed to doing nationally. »
Fairstead is funding the rehabilitation in partnership with the Las Varas Public Facility Corporation, a nonprofit operated by the San Antonio Housing Authority, Texas Department of Housing and Community Affairs, Capital One, NA and Boston Financial.
“About half of the residents who receive housing assistance from SAHA are seniors on fixed incomes,” said Tim AlcottSan Antonio Housing Authority Legal and Real Estate Director. “We celebrate partnerships that help maintain affordable housing options for the families we serve and provide a place of safety.”
“Boston Financial is proud to have partnered with Fairstead in the preservation of Aurora Apartments in San Antonio, TX. Our investment has helped Fairstead upgrade 105 housing units for residents of this historic community, especially seniors, and preserve much-needed affordable housing in the area,” said Stephane NapolitanoSenior Vice President, Boston Financial. “We believe in Fairstead’s commitment to building vibrant communities across the United States, and our work together reinforces our own vision of creating a future where everyone has a home, one investment at a time.”
“This renovation will help bring transformative change to Aurora Apartments with completely renovated interiors and common areas, as well as improvements in accessibility and energy efficiency,” said Evan WilliamsSenior Vice President of Agency Finance at Capital One. “By leveraging our relationships with Fairstead and Freddie Mac, as well as the rest of the development team, Capital One was able to arrange an index lock, which mitigated the risk of interest volatility and ensured that the project had a cash rate of 2.92%.”
Fairstead partners with non-profit organization Rainbow Housing Assistance to provide much-needed social services to residents through the company’s commitment to community impact.
“Rainbow is grateful for the opportunity to partner with Fairstead at Aurora Apartments. We are excited to provide valuable programs and services to community residents and promote social and economic progress while providing tenant stabilization,” said Flynann Janisse, President and Executive Director of Rainbow Housing Assistance Corporation. “Rainbow will offer a variety of programs targeting financial literacy, credit enhancement, education, English as a second language, career development and immediate employment. We will tailor programs to meet the unique needs of every individual and family who call Aurora Apartments home. We look forward to lifting lives in partnership with Fairstead.”
Built in 1930 as a luxury hotel in the neo-Gothic architectural style, Dawn is listed on the National Register of Historic Places. Known for its hand-carved fireplaces and large common areas, the 11-story vintage apartment building will remain a pet-friendly place. Half of the units in the building are reserved for residents up to 50% of the area median income (AMI) and the other half for households up to 60% of the AMI.
This news follows Fairstead’s recent acquisition of the 160-unit Gateway Apartments affordable housing complex in Jackson Lake in the Greater Houston Metropolitan area. Fairstead is renovating and expanding Gateway’s amenity offerings, including a fitness room and playground, and transforming the property’s outdoor recreation spaces to create a more connected community for residents.
Fairstead is a vertically integrated, goal-oriented real estate developer specializing in creating high quality, sustainable housing. The company’s national footprint includes more than $6 billion in the identified assets and pipeline. With offices at New York, Marylandand Caroline from the south, the Fairstead team manages more than 90 communities across the country and manages its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in accessory technology, design and construction, energy and sustainability, property management, marketing and leasing. The company also administers one of the most proactive community impact programs in the industry to provide on-site support services to residents. For more information, visit www.fairstead.com.