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New York Investor Buys Affordable Housing Complex in Newport, Rhode Island

California Firm Sells Festival Field Apartments for $33.3 Million
The 204-unit Festival Field Apartments in Newport, Rhode Island, was completed in 1973. (CoStar)
The 204-unit Festival Field Apartments in Newport, Rhode Island, was completed in 1973. (CoStar)
By Michael Harvey
CoStar Research
March 25, 2020 | 2:24 P.M.

New York-based Fairstead, through its affordable housing arm Fairstead Affordable, has purchased Festival Field Apartments in Newport, Rhode Island, from Sage Apartment Communities of Irvine, California, for $33.25 million, or about $163,000 per unit.

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