Affordable HousingDealmakingM&A / FundingProptechReal Estate Tech

Fairstead launches $100M investment vehicle aimed at affordable housing, sustainable development

Fairstead, a real estate developer specializing in creating sustainable housing, announced today the launch of its new investment vehicle, Fairstead Ventures, according to a press release.

The company says that the $100 million initiative will focus on strategic investments and deploying leading-edge technology throughout its Fairstead’s affordable housing portfolio, which it says is on track to grow by over 30,000 units over the next 12 months.

Fairstead says it named Aki Karja as Director of Proptech to lead the investment vehicles’ vision “to sustainably retrofit aging affordable housing stock with the latest technology solutions while creating state-of-the-art new developments.”

The company says that vision also includes acting as a strategic investor in new technology-led products and services, with plans to scale both new and proven technologies to the enterprise level. Fairstead said that in order to accomplish these goals, the venture fund has already begun leveraging some of the funds towards pilot programs and strategic partnerships.

These include partnerships with Hartford-based energy tech Enviro Power and Kwant AI, which offers an AI safety and productivity platform that Fairstead has deployed at Park 79, a closed hotel that Fairstead is converting to affordable senior housing in the Upper West Side of Manhattan, New York.

Fairstead Ventures’ launch is part of an ongoing $500 million equity commitment announced by Fairstead last fall, aimed to strategically grow the company’s operations. Expansion efforts include growing its multi-family housing portfolio and enhancing its proptech, sustainability and community impact programming.

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Fairstead’s national footprint currently includes more than $6 million in assets, offices in New York, Maryland and South Carolina, and more than 90 communities across the country. The company also operates a real estate platform which provides acquisition, development, design, construction, energy, sustainability, property management, marketing and leasing services.

In other recent proptech news, Lev secured $170 million in funding, including a $70 million Series B led by First American‘s new VC brand Parker89 and Cross River Digital Ventures. MAXEX also extended its loan-trading reach with its new DSCR program.

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