Fairstead buys a 503-unit property in Louisville, Kentucky

Core Insights - Fairstead has acquired the City View Park property in Louisville, Kentucky, which consists of 503 units, without the need for major renovations as the previous owner, Telesis Corp., had already completed a rehabilitation project [2][3] - The property primarily serves low-income residents, with 468 of the units supported by Section 8 contracts and governed by Low-Income Housing Tax Credit affordability restrictions [3] - Fairstead plans to enhance community services by adding free high-speed internet, cable, and on-site case management services [3][4] Company Expansion - With this acquisition, Fairstead's portfolio now exceeds 26,000 apartment homes across 28 states, including over 1,600 homes in Kentucky [5] - The company has already purchased 1,400 units in 2025 and aims to acquire an additional 1,000 units by the end of the year [5] - Future growth is anticipated, with plans for more than 500 apartments from ground-up development and additional acquisitions due to an increase in owners exiting the market [5] Market Trends - There is a noticeable trend of institutional owners considering exiting the affordable housing space, potentially due to challenges related to insurance and property management [6]