Real estate investor Fairstead announced the acquisition of an affordable seniors housing portfolio in the state of Kentucky. The portfolio comprises 950 units of affordable housing, including for low-income seniors, across 16 properties in the districts of Louisville, Bardstown, Barbourville, Hardin, Hodgenville, Lexington, Mayfield, New Haven, Scottsville, Shepherdsville, and Radcliff. The apartments are made affordable through the HUD Section 8 and LIHTC programs.
KeyBank Real Estate Capital served as the lender in this transaction. Eric Steinberg, a senior banker with KeyBank’s community development lending and investment team handled this process on behalf of the company. This will be Fairstead’s second Kentucky transaction in the affordable seniors housing market, after it entered the state in 2020 with the acquisition of the Colony Apartments, a 137-unit affordable seniors housing property in Covington.
