Real estate investment and management company Fairstead Capital will buy a housing complex in New York City’s Harlem neighborhood for $315 million and said it will maintain the complex’s affordable housing status for at least the next 35 years.

Fairstead acquired the Savoy Park Apartments, a 1,790-unit multifamily complex in central Harlem, from an investor group including L+M Development Partners Inc. and Savanna. The complex comprises seven 16-story buildings on 10.5 acres. Fairstead plans to upgrade security systems, improve public spaces and landscaping and add modern touches to all of the interior common spaces at the site.

John Engel of the Ballard Spahr LLP, was part of the legal team that represented Fairstead.


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