Property: City View Park
Buyer: Fairstead
Seller: Telesis Corp.
Property type: Garden-style
Units: 503
Location: Louisville, Kentucky
Total purchase price: Withheld

Usually, when a new owner takes over an affordable property, the first order of business is a major renovation to bring it up to modern standards.

But New York City-based Fairstead, which announced the acquisition of City View Park property in Louisville, Kentucky, earlier this week, won’t need to commence a rehabilitation project at the massive 503-unit apartment complex. That’s because Washington, D.C.-based Telesis Corp., the former owner, had already completed the rehab.

“It went through a transformative change under Telesis, and we’re stepping in as new ownership,” Noah Hale, managing director and head of development at Fairstead, told Multifamily Dive. “We are bringing new changes to the community. We'll be adding free high-speed internet and cable for the whole community.” 

Fairstead bought City View Park, which was initially constructed in the 1970s, through the purchase of a general partner interest. Of the 503 total units, 468 are supported by Section 8 contracts. All homes are governed by Low-Income Housing Tax Credit affordability restrictions and reserved for residents earning between 40% and 60% of the area median income, according to a press release. 

“We will also be adding wraparound short-term case management and resident services with full on-site staffing, which currently does not exist,” Hale said.

AGM served as the first mortgage lender on the transaction, while PNC was the tax credit investor. The Louisville Affordable Housing Trust Fund, HUD and Louisville/Jefferson County Metro provided subordinate financing, according to the press release. 

With the purchase, Fairstead’s national footprint now exceeds 26,000 apartment homes across 28 states, with more than 1,600 homes in Kentucky. The firm has purchased 1,400 units so far in 2025 and plans to add another 1,000 by the end of the year.

“We've been busier than ever,” Hale said.

Next year should bring more activity, with more than 500 apartments from ground-up development and more incoming units from acquisitions, driven by an increase in owners exiting the business, Hale said.

“We're seeing that there are definitely institutional owners who are looking at moving out of the space,” Hale said. “That could be because insurance has gotten harder, and owning property management has become more challenging.”

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