Va. Beach apartment complex where Pharrell lived sells for $24.5M
Atlantis Apartments will undergo $15M overhaul
The Virginia Beach apartment complex where music superstar Pharrell Williams lived until he was 7 has been sold for $24.5 million to Fairstead, a New York-based real estate company focused on sustainable development and affordable housing.
The company announced Thursday that it plans a $15 million overhaul of the Atlantis Apartments in Virginia Beach’s Seatack neighborhood. The 12-acre complex’s 19 two-story buildings with 208 units house 600 residents. Fairstead plans to renovate the apartment complex and its common areas over the next 18 months, including adding a community garden, fitness center and computer room. The seller was CP Atlantic LP.
The Virginia Beach Department of Housing and Neighborhood Preservation will partner with the company, and apartments will continue to be subsidized, with residents paying 30% of their income in monthly rent, while the U.S. Department of Housing & Urban Development and the Virginia Housing Development Authority will reimburse the remainder to Fairstead, according to an article in The Virginian-Pilot.
Grammy-winning superstar Williams has stayed connected to his hometown through various projects, including Atlantic Park, a $325 million surf park, apartments, retail offices and an entertainment venue that Williams is co-developing on 10 acres in Virginia Beach near the Oceanfront.
The city and Fairstead plan to hold Atlantis Community Day on Aug. 7, featuring a job and health fair, as well as music and games.