New York company buys Chesapeake apartments for $34.8M

New York-based real estate company Fairstead is investing $34.8 million to acquire and renovate Landmark Apartments, a 120-unit affordable housing complex in Chesapeake.

The purchase marks Fairstead’s third Chesapeake acquisition this year, further expanding its presence in Hampton Roads. Although the company did not name the seller, online Chesapeake records show the previous owner was Landmark Two Limited Partnership.

Located at 2900 Fireside Road, Landmark Apartments is a garden-style community with 15 two-floor buildings comprising 72 two-bedroom units and 48 three-bedroom units. All apartments are currently reserved for families earning 60% or less of the area median income, roughly $63,900 for a household of four.

Fairstead plans a comprehensive overhaul, investing over $100,000 per unit in interior and exterior upgrades. Renovations will include aesthetic and functional enhancements, including new kitchens and bathrooms, modern appliances and new flooring and lighting.

The community building, leasing office, laundry room and mailroom will also be improved. Harkins Builders is the project’s general contractor while Moseley Architects will lead the property’s design.

“This latest acquisition reflects the strong need for affordable housing across the region as well as statewide and serves as an example of how public-private partnerships can create long-term impact within the industry,” said Fairstead CEO Jeffrey Goldberg in a statement.

According to Fairstead, renovation will be financed through a mix of Low Income Housing Tax Credit and Project-Based Voucher programs, supported by partners including U.S. Bank, Berkadia, Freddie Mac, Virginia Housing and the Chesapeake Redevelopment and Housing Authority.

Construction is expected to begin in January 2026 and wrap up by mid-2027.

Residents will be temporarily relocated during the renovation process. A spokesperson said Fairstead will be providing relocation assistance and support for all residents, and will be cover the cost of relocation assistance.

The acquisition follows Fairstead’s purchases of the 65-unit Peaceful Village Apartments and the 152-unit MacDonald Manor, both also located in Chesapeake, earlier this year. The company, which focuses on sustainable development and affordable housing, owns more than 26,000 apartments across 28 states and now has 1,300 residences across Virginia.