NEW YORK, June 4, 2020 /PRNewswire/ -- Fairstead, a fully-integrated real estate firm committed to the preservation of affordable housing, today announced the $29.5 million acquisition of Federation Sunrise Apartments, a 123-unit Section 8 housing development for the elderly, located at 5010 N Nob Hill Road in Sunrise, Florida within Broward County.
Fairstead is planning to embark on a multimillion dollar rehabilitation of the entire complex, including a full renovation of the apartments that will include new kitchens, baths, flooring, windows, and air conditioning units, as well as substantial site work focusing on the strengthening the building's resiliency along with upgrading the community room, landscaping, and other amenities within the development.
"Fairstead is dedicated to developing and preserving safe, quality and first-rate affordable housing for our residents nationwide," said Will Blodgett, Co-Founder and Partner of Fairstead. "It's particularly vital to ensure quality affordable housing for our country's senior population, which is what makes our purchase and rehabilitation of Federation Sunrise Apartments so 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."
Blodgett adds, "Our purchase of the Federation Sunrise Apartments complex also showcases Fairstead's long-term belief in the South Florida market as we continue to grow our portfolio within the region."
The acquisition was financed through the issuance of federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Broward County, Florida.
Fairstead is a vertically integrated real estate investor, developer, owner and operator specializing in affordable and mixed-income housing. Since 2013, Fairstead has acquired and/or developed more than $4 Billion of multifamily property across the country, and today owns a portfolio of 11,500 apartments in 14 states. The company's comprehensive platform provides hands-on expertise across all multifamily disciplines, including acquisitions, development, design and construction, energy and sustainability, property management and social services. For more information, visit www.fairstead.com.