Fairstead, a New York-based real estate firm that specializes in affordable and mixed-income housing, has purchased a 123-unit Section 8 housing development for the elderly in South Florida for $29.5 million.
Fairstead plans invest in a multimillion-dollar rehabilitation of the complex at 5010 N Nob Hill Road in Sunrise, Florida, in Broward County, including renovations of the apartments to include new kitchens, baths, flooring, windows, and air conditioning. The rehab plans also include substantial structural work and upgrades to the property's community room, landscaping, and other amenities.
Will Blodgett, co-founder and partner of Fairstead, which has acquired and developed a total of more than $4 billion in multifamily properties across the country since 2013, said that his company is committed to "developing and preserving safe, quality and first-rate affordable housing for our residents nationwide." He added that that the need for quality affordable housing for the country's senior population made the purchase of the Federation Sunrise Apartments all the more important.
"This transaction will protect the development's affordable status for 30 years and our planned renovations will address the unique needs and ensure a great quality of life for all the residents of this community," said Blodgett, adding that the transaction demonstrated his firm's belief in the South Florida market. The acquisition was financed using federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Broward County.
Even amid the global pandemic, Fairstead has been in acquisition mode. The firm previously announced in late March that it acquired a 204-unit Section 8 family apartment property located in Newport, Rhode Island for $33.25 million. Earlier this year it financed the acquisitions nine properties in Brooklyn and Manhattan which were slated for conversion to market-rate housing before Fairstead stepped in with the backing of New York City Council members, the Department of Housing Preservation and Development, and the Department of Housing and Urban Development.
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Ross Todd
Ross Todd is the Editor/columnist for the Am Law Litigation Daily. He writes about litigation of all sorts. Previously, Ross was the Bureau Chief of The Recorder, ALM's California affiliate. Contact Ross at [email protected]. On Twitter: @Ross_Todd.
