Dallas, August 21, 2025
News Summary
Fairstead has acquired the Royal Crest, a 167-unit Section 8 subsidized housing community in Dallas, with plans for a $24 million rehabilitation. Renovations will include modern upgrades to the property and amenities, ensuring affordability for residents. Fairstead aims to expand affordable housing options in the Dallas-Fort Worth area, with construction projected to continue through fall 2026. The initiative includes enhancements to energy efficiency and resident services, marking a significant investment in the community.
Dallas
Fairstead has acquired Royal Crest, a 167-unit Section 8 subsidized housing community at 3558 Willhurt Ave. in the Cedar Crest neighborhood of Dallas and will undertake a comprehensive $24 million rehabilitation to preserve and upgrade affordable housing. Renovations began in August 2025 and are expected to continue through the fall of 2026. This purchase marks Fairstead’s entry into the Dallas-Fort Worth metro area.
What the acquisition and rehabilitation include
The project will deliver interior and exterior renovations across the property, including upgrades to meet the National Green Building Standard Gold + Net Zero guidelines. Planned work covers full overhauls of common areas, in-unit interiors, building exteriors, mechanical systems and site infrastructure. The redevelopment also adds a new clubhouse, a dedicated resident services office, an improved laundry facility and a modernized community room with a computer lab and resident services space.
Affordable housing and services
Royal Crest is subsidized under Section 8 and will remain affordable during and after rehabilitation. New and expanded resident services will include a community center, a play area for children, a food pantry, on-site K–12 after-school programming, financial literacy and health programs, and career training and social activities. Rainbow Housing Assistance Corporation will lead many of the resident services initiatives on site. Fairstead will act as both owner and property manager for the community.
Property profile
The property consists of 12 two-story garden-style buildings originally constructed in 1969. Unit mix includes 16 one-bedroom units, 120 two-bedroom units and 31 three-bedroom units, for a total of 167 apartments. The property has not undergone substantial renovations in more than 50 years, making the current investment a major update to living conditions and building systems.
Financing and partners
The rehabilitation is supported by multiple public and private financing partners. These include the U.S. Department of Housing and Urban Development (HUD), Housing Options Inc. (a subsidiary of the Dallas Housing Authority), Cedar Rapids Bank and Trust providing permanent financing, Capital One National Association supplying a construction loan, and Hudson Housing Capital serving as the tax credit equity syndicator. The combined financing structure supports the $24 million scope and the long-term affordability goals for the site.
Energy and sustainability goals
Upgrades will focus on energy efficiency and sustainability to reduce operating costs and improve resident comfort. The renovation plan targets the National Green Building Standard Gold level plus net-zero energy measures where feasible, bringing modern standards for insulation, HVAC systems, water efficiency, lighting and appliances.
Timeline and expected outcomes
Construction began in August 2025 and is scheduled to run through the fall of 2026. Work is planned to minimize displacement and preserve the property’s Section 8 status. The project is described by stakeholders as a substantial rehabilitation that will modernize living spaces, enhance common areas and expand resident supports while maintaining affordability.
Fairstead’s portfolio context
Fairstead manages a national portfolio of more than 25,000 affordable homes across 28 states, with 1,166 units in Texas. The Royal Crest acquisition represents the firm’s first property in the Dallas-Fort Worth area and fits into a broader strategy to expand access to affordable housing in high-need markets.
Community and operational notes
The redevelopment plan includes on-site service delivery and community programming intended to support residents’ economic and social needs. Fairstead will remain the owner and property manager throughout the rehabilitation and into ongoing operations, coordinating with local partners and service providers to implement resident programs.
FAQ
What is being purchased and where is it located?
Fairstead purchased Royal Crest, a 167-unit Section 8 subsidized housing community located at 3558 Willhurt Ave. in the Cedar Crest neighborhood of Dallas.
How much will the rehabilitation cost and who is financing it?
The rehabilitation budget is approximately $24 million. Financing and partners include HUD, Housing Options Inc., Cedar Rapids Bank and Trust (permanent financing), Capital One National Association (construction loan), and Hudson Housing Capital (tax credit equity syndicator).
What renovations and upgrades are planned?
Renovations will cover common areas, in-unit interiors, building exteriors, mechanical systems and site infrastructure. The project aims to meet National Green Building Standard Gold + Net Zero guidelines and will add new amenities such as a clubhouse, resident services office, improved laundry, community room with a computer lab, and a play area.
Will residents remain during renovations?
The project is planned to minimize displacement and maintain the property’s Section 8 status. Specific resident relocation or phasing details will be managed by Fairstead and local partners during construction.
When will work start and finish?
Renovations began in August 2025 and are scheduled to continue through the fall of 2026.
Project key features
| Feature | Detail |
|---|---|
| Total units | 167 |
| Unit mix | 16 one-bed / 120 two-bed / 31 three-bed |
| Rehabilitation budget | $24,000,000 |
| Sustainability target | National Green Building Standard Gold + Net Zero |
| Construction timeline | Aug 2025 — Fall 2026 |
Unit distribution
Note: Bar widths are approximate visual representations of unit share within the 167 total units.
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Additional Resources
- Re Journals: Fairstead Acquires 167-Unit Housing Community in Dallas
- Wikipedia: Affordable Housing
- Bisnow: Allen Flex Development Sold
- Google Search: Dallas Housing Market
- U.S. Department of Housing and Urban Development
- Encyclopedia Britannica: Housing
- HUD: Healthy Homes Program
- Google News: Affordable Housing Dallas
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