With Latest Deal, Fairstead Has Preserved More than 700 Affordable Senior Apartments in South Florida In the Past Year

DAVIE, Fla., Oct. 13, 2020 /PRNewswire/ -- Fairstead last week closed on the $17.85 million purchase of the Federation Davie Apartments, bringing its total number of affordable senior apartments preserved in South Florida to more than 700 over the last year, and positioning the firm as an emerging affordable senior housing leader in the region. It's the company's 7th such deal since last November. Through the purchase, Fairstead will preserve long-term affordability for the building's 80 apartments and undertake a full-scale $12 million rehabilitation of apartments, common areas and building systems. Fairstead purchased the property from the Jewish Federation of Broward County, which will steer proceeds from the sale toward its social service and community service work in the area. The project's development cost is approximately $30 million.  

"We are firmly committed to the South Florida affordable senior housing market and are proud to deliver first-class renovations and preserve affordability for the residents of Federation Davie Apartments," said Will Blodgett, Founding Partner of Fairstead. "This brings our 2020 total of affordable senior apartments preserved in South Florida to more than 700, helping to alleviate the critical need for high-quality affordable housing for seniors across the region."

Fairstead will begin work in the coming weeks on a comprehensive overhaul of the property, including new kitchens, bathrooms, flooring, lighting and windows in all apartments, along with a new roof, upgraded lobby and community rooms, and HVAC system for the building. Through the purchase, Fairstead will preserve the building's current affordability levels for at least the next 30 years.

The acquisition was financed through the issuance of federal low-income housing tax credits (LIHTC) and tax-exempt bonds from the Broward County Housing Finance Authority. 

The purchase comes on the heels of Fairstead's June acquisition of Gould House, a 101-unit Section 8 senior housing development in Boca Raton, from the Jewish Federation of South Palm Beach County. 

SOURCE Fairstead

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