Fairstead acquired and plans to rehabilitate Royal Crest, a 167-unit Section 8 subsidized housing community in Dallas.
Marking Fairstead’s debut in the Dallas-Fort Worth metro area, the project affirms the company’s ongoing commitment to expand access to affordable housing in high-need markets throughout the U.S. The redevelopment will feature comprehensive interior and exterior renovations, including sustainable, energy-efficient upgrades to enhance the quality of life for residents while preserving long-term affordability. Total rehabilitation costs amount to approximately $24 million.
Today, Fairstead’s national portfolio exceeds 25,000 affordable homes across 28 states, with its Texas presence totaling 1,166 units. Financial partners for the Royal Crest project include a mix of public and private sector institutions, including the U.S. Department of Housing and Urban Development (HUD), Housing Options Inc., a subsidiary of the Dallas Housing Authority, and permanent financing through Cedar Rapids Bank and Trust.
Located at 3558 Willhurt Ave. in the city’s Cedar Crest neighborhood, Royal Crest is a 12-building, two-story garden-style community reserved for families earning between 50% and 60% of the Area Median Income (AMI). The apartments consist of 16 one-bedroom residences, 120 two-bedroom residences, and 31 three-bedroom residences.
Originally constructed in 1969, Royal Crest has not undergone a substantial renovation in more than five decades, making Fairstead’s investment a transformative moment for the community. The revitalization will bring the property up to modern standards, with upgrades designed to meet National Green Building Standard Gold + Net Zero guidelines. Renovations will include a full overhaul of all common areas, in-unit interiors, building exteriors, mechanical systems, and site infrastructure to enhance operational efficiency and quality of living for residents. New amenities and spaces will include the development of a new clubhouse, a dedicated resident services office, a newly improved laundry facility, and a modernized community room that will house both a computer lab and resident services space.
The 167-home community comprises 12 buildings, including a dedicated amenities building that will undergo significant renovations to include a new community center, computer lab, a play area for children, a food pantry, and an updated laundry facility. Designed to provide all-encompassing support to residents of Royal Crest, the amenities space will offer on-site K-12 after-school programming, financial literacy and health programs, career training, and regular recreational and social activities led by local nonprofit, Rainbow Housing Assistance Corporation. Fairstead will serve as both the owner and property manager.
In addition to HUD, Housing Option Inc. and Cedar Rapids Bank and Trust, financial partners also include Capital One National Association, which issued a construction loan, and tax credit equity syndicator Hudson Housing Capital.
Renovations at Royal Crest commenced this month, and construction is scheduled to continue through the fall of 2026.