Complex getting $25M makeover, but seeing is believing for tenants
Coppertree Village Apartments in Acres Homes, a government-subsidized apartment complex with a history of failed inspections, is going to receive a $25 million makeover.
Roughly 17 months after purchasing the property, the New York-based real estate developer Fairstead has closed on financing for renovations, which will include new appliances, cabinets, flooring, roofing and balconies.
Those who have spent years advocating for better conditions greeted the news warily.
“I have to see it to believe it,” said Karen Roberson, a tenant who has struggled with mold in her apartment.
Ericka Bowman, an organizer with the tenant advocacy group Texas Housers, said residents’ complicated reaction stemmed from a series of similar announcements in the past.
“Every time there’s a change in management, there’s promises. And most of the time it’s never done properly,” she said. “Who’s holding these owners accountable for the promises they make?”
But Fairstead executives said their track record is observable at the 20 affordable properties they’ve renovated nationwide, including Atlantis in Virginia Beach, where the music producer Pharrell Williams lived as a child.
“With the comprehensive renovation, we can bring to the residents (at Coppertree Village Apartments) what they deserve — which is a decent and good place to live,” said Allan Izzo, director of development at Fairstead.
Izzo said Fairstead purchased Coppertree Village Apartments with the intention of renovating them, but getting the financing for the project has taken more than a year. The
process involved securing a form of financing known as a 4 percent low-income housing tax credit and a bond that required approval from both the state and the city.
Houston’s City Council approved the issuance and sale of a $40 million bond by the Houston Housing Finance Corporation in January, and the financing closed Feb. 14. Izzo said the total cost of the project is $79 million, which includes the $25 million renovation and $32 million to replace the short-term financing used to acquire the property, plus various fees.
The renovations, slated to begin in April and wrap up around July 2024, involve installing new cabinets, countertops and kitchen appliances. In the bathrooms, plumbing will be upgraded and new fixtures and vanities put in place. LED lighting, new ceiling fans and insulated windows will be installed throughout, the carpet will be switched out for vinyl tile, and the aging roofing, siding, staircases and balconies will all be replaced.
Fairstead said movers will help residents pack and store their belongings while they move into a hotel — all free of charge — for about two weeks while their units are being renovated. When the apartments are ready, movers will help residents settle back in.
Outside of units, plans involve a new playground and community garden. The existing community building will be converted into a combined leasing office and community center with a computer room, community kitchen and library. A revamped security strategy will include upgrades to the fencing.
In response to tenants’ concerns about mold, Fairstead said the plumbing repairs, new roofs, new siding and new windows should address moisture issues — and although the company does not plan to replace all the drywall, it has inspected every unit and identified areas of concern where drywall would be replaced.
As a vertically integrated real estate company, Fairstead will be the general contractor for the project, which is being designed by Alamo Architects.