Description: In 2022, Newstar and Pinellas County Housing Authority (PCHA) entered into an MDA to redevelop Rainbow Village Apartments, a 200-unit public housing community owned and managed by PCHA. Heritage Oaks, the initial phase of redevelopment, is an 80-unit senior affordable housing project completed in November 2025. Heritage Oaks serves elderly residents and includes 8 accessible units. Heritage Oaks serves tenants at 33% AMI, 50% AMI and 60% AMI across 1- & 2-bedroom units, which are all contained in a single, three-story low-rise building. Newstar acted as a turnkey developer on Heritage Oaks, which achieved National Green Building Standard (NGBS) certification. This project was completed in November 2025 on time and underbudget.
