Acquisition in North Carolina Expands Fairfield’s Commitment to Preserving Affordable Housing
SAN DIEGO, CA – February 16, 2023– Fairfield today closed on the acquisition of Greens of Pine Glen, a 168-unit affordable housing community in Durham, NC, offering a mixture of two- and three-bedroom townhome and garden-style apartments. Fairfield will retain the existing affordable designation under the LIHTC program where 11% of the units are restricted to 50% of the area median income (AMI) and the remaining 89% of units are restricted to 60% of the AMI.
“The acquisition of Greens of Pine Glen demonstrates Fairfield’s commitment to the investment and preservation of affordable housing in high growth areas where moderately priced housing is becoming less available,” said Paul Kudirka, senior vice president of affordable acquisitions.
Greens of Pine Glen is located just three miles west of Research Triangle, an area named for its proximity to three major research universities. It is also known as a hub for technology and biotech companies that Kudirka notes is projected to be one of the fastest growing markets in the country in terms of both population and job growth over the next decade.
This transaction expands Fairfield’s presence to nearly 750 affordable units in the Raleigh-Durham metropolitan statistical area.
Fairfield is a leading owner, developer, and operator of multifamily communities throughout the U.S. We manage nearly 40,000 units nationwide across luxury new construction, renovated apartment homes, and tax credit affordable housing in urban and suburban neighborhoods. We offer a fully integrated national multifamily services platform providing development, construction, renovation, asset and property management, and acquisition and disposition services to our investors. Fairfield operates nationwide with regional offices in Atlanta, Boston, Dallas, Denver and Washington, D.C. Fairfield Realty Advisors LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission.