Leading national developer partners with the Alexandria Redevelopment and Housing Authority and The Communities Group to reimagine the Old Town Alexandria multi-block site into a 207-unit amenity-rich, mixed-use development that includes open space and a community food hub
The project marks Fairstead’s first ground-up new construction project to close and boosts the site’s residential density by more than 200 percent
ALEXANDRIA, Va., May 19, 2025 (GLOBE NEWSWIRE) — National vertically integrated real estate company Fairstead today announced the financial closing of $120 million for the ground-up redevelopment of Alexandria’s historic Samuel Madden Homes public housing complex. In partnership with the Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group, the property will provide much-needed housing and new public spaces to Old Town Alexandria, one of the city’s most affluent and historic neighborhoods. The 207-unit affordable and mixed-income community will be reserved for families earning between 30%–80% of the Area Median Income (AMI).
Fairstead’s first of a series of ground-up developments, this project underscores the company’s commitment to preserving and expanding affordable housing nationwide through sustainable rehabilitation and ground-up efforts that enhance residents’ quality of life. Today, Fairstead’s national footprint exceeds 25,000 units across 28 states, with its Virginia portfolio set to grow to over 1,300 units by the end of the year.
“This project represents a major milestone for Fairstead as our first ground-up construction effort. Made possible through an incredible public-private partnership, we look forward to making a positive impact on the local Alexandria community while deepening our commitment to providing affordable housing nationwide,” said Jeffrey Goldberg, CEO at Fairstead.
Serving as a gateway to Alexandria, the Samuel Madden site will be redeveloped into a new six-story, 295,000-square-foot community, replacing the existing 66 units. Each of the families occupying the 66 original units will be welcomed back to the revitalized community upon its completion.
The building will feature approximately 7,500 square feet of open space and nearly 500 square feet of ground-floor community space to be used as a food hub run by local non-profit, ALIVE!. The hub will provide the Alexandria community with access to fresh, nutritious food, as well as connections to supportive resources such as financial and legal services, along with healthy cooking demonstrations.
“This project is a game-changer, not only for us as a firm but also for the City of Alexandria,” said Noah Hale, Managing Director, Development at Fairstead. “Thanks to the incredible support from our partners, local leaders and the people of Alexandria, we’re transforming this site into a nexus of high-quality housing and essential community services. Our roots in Virginia run deep, and we remain committed to creating a lasting impact and uplifting the lives of local residents.”
“Ensuring affordable housing options is essential for a thriving and inclusive Alexandria,” said City of Alexandria Mayor Alyia Gaskins. “More than just a development, this project reflects our deep, shared commitment to uplift and work alongside the communities we serve. We’re incredibly proud to see this vision become reality and bring tangible relief to some of our most rent-burdened residents.”
The reimagined community will be accessible to families across a range of income levels and targets four different AMI bands. It will include 77 units for households earning 30% AMI, 27 units for those earning 50% AMI, 52 units for households at 60% AMI, and 51 units for those earning up to 80% AMI.
The property will feature a mix of one- to four-bedroom floor plans, and residents will have access to an underground parking garage. Resident amenities will include an all-new creative studio for podcast recording, a game room with free internet access, as well as an interior courtyard.
In alignment with Alexandria’s commitment to creating healthy and energy-efficient homes, the new community will adhere to rigorous green-building standards, including the Zero Energy Ready Home Program guidelines as well as Enterprise Green Communities Certificate requirements. Through a partnership with the Virginia Center for Housing Research at Virginia Tech, the team will incorporate green design elements and strategies to reduce energy and water consumption.
“Partnering with Fairstead to breathe new life into this historic community has been a big step forward for affordable housing in Alexandria,” said Eric Johnson, CEO of the Alexandria Redevelopment and Housing Authority (ARHA). “We’re deeply thankful to the City and its residents for their unwavering support. As this redevelopment takes shape, we’re excited to see the positive change it will deliver to families in our city for generations to come.”
Originally constructed in 1945, the Samuel Madden community was developed by the Alexandria Redevelopment and Housing Authority (ARHA) in partnership with the federal government to provide housing for African American defense workers during World War II. Today, Fairstead is working alongside ARHA, The Communities Group, and the City of Alexandria to honor the site’s historical significance.
As part of this effort, the team is collecting and preserving the lived experiences of former and current residents, with a goal of capturing at least 10 oral histories. Archaeological trenches have also been opened and studied to better understand the site’s physical legacy. A comprehensive documentary study is underway and will be archived by the City, with findings featured in brochures and interpretive signage throughout the new community.
Financial partners of the redevelopment project include Boston Financial, Freddie Mac, and permanent lender and construction lender, Virginia Housing. Sterling Bank and the City of Alexandria provided bridge financing and a soft loan for the project, respectively. The U.S. Department of Housing and Urban Development (HUD) Section 18 transaction will be combined with 4% and 9% Low-Income Housing Tax Credits, as well as 45L Energy Efficiency Tax Credits.
“Boston Financial and Fairstead are aligned in our belief that everyone deserves a safe, quality, affordable place to live, which is why we’re excited to support Fairstead’s investment in the redevelopment of Samuel Madden,” said Steve Napolitano, Senior Managing Director of Equity Production at Boston Financial. “By contributing to the development of affordable and sustainable housing, we stand to make a long-lasting impact on the community.”
Demolition at the Samuel Madden Homes public housing site will commence in May 2025, with construction scheduled to begin in June. The project is estimated to be completed by the fall of 2027.
About Fairstead
Fairstead is a purpose-driven real estate firm dedicated to building affordable communities across the country. Fairstead is committed to preserving and enhancing affordable housing communities nationwide by leveraging strategic public-private partnerships, innovative technologies, and a seasoned team of dedicated professionals with expertise in acquisitions, development, construction, asset management, and property management. Headquartered in New York, with regional headquarters in Colorado, Florida, and Washington, D.C., Fairstead owns more than 25,000 apartments across 28 states, including more than 20,000 units under management. For more information, visit fairstead.com.
About Alexandria Redevelopment and Housing Authority
For over 80 years, the Alexandria Redevelopment and Housing Authority has provided affordable housing, economic opportunities, and a suitable living environment free from discrimination for the citizens of Alexandria. Our mission is to be an industry leader in the development and management of model mixed income communities that provide the opportunity for residents to achieve self-sufficiency and to participate in economic opportunities that are made possible through this model. To learn more, visit http://www.arha.us/.
Boston Financial
Boston Financial is the longest-standing syndicator focused exclusively on affordable housing. Since the beginning of the LIHTC program in 1986, Boston Financial has worked with over 200 investors to preserve or build almost 400,000 affordable homes. Boston Financial’s vision is to create a future where everyone has a home, one investment at a time. Boston Financial was founded in 1969 and acquired by ORIX Corporation USA in 2016.
About The Communities Group
The Communities Group (TCG) specializes in the planning and development of affordable housing, with a primary focus on addressing the capital needs of older, obsolete public housing properties in need of renewal. For over four decades, TCG has worked with hundreds of authorities from Coast to Coast, as well as directly with HUD, and has served as technical assistance provider, planner and also as co-developer in partnership with PHAs for 30 major area redevelopments, with resources from the HOPE VI and Choice Neighborhood Initiatives programs. For the past twelve years, TCG has concentrated on HUD’s Rental Assistance Demonstration (RAD) and Section 18 programs. For more information, see www.tcgdevelopment.com. Currently, in addition to Alexandria, TCG is working in partnership with Fairstead on two public housing redevelopment projects in Chesapeake VA and two projects in Mobile AL.
MEDIA CONTACT:
Antenna Group
fairstead@antennagroup.com
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