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Haven't seen much of their market rate, but they are extremely active buyers in the affordable/workforce housing MF space. Especially over the last few years they've really exploded - something like 8,000 units in maybe 3-4 years. Even assuming these are low cost-per-unit buildings in rural areas, that's massive expansion.
I'm only familiar with NYC but it doesn't seem like they're overpaying by a crazy amount for the assets they're taking down, but nor does it seem like they've gotten away with murder on anything. I'm not totally sure what the underlying business plan is (I know it's a family office, but are they doing a value-add or just buying high CoC buildings, levering up the yield, and sitting on them?) so it's hard to say whether they're super-successful or not.
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Anyone have any thoughts on this company?
Will Blodgett, one of the founders, and I think the most active partner (or at least the one in the press the most) left late last year to start a new venture. And I've had folks mention that Fairstead is starting to move more into Proptech investing, or at least hiring for those sorts of positions, so maybe there was a difference in opinion on strategy.
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