NEW YORK, June 30, 2020 /PRNewswire/ -- Fairstead, a fully-integrated real estate firm committed to the creation and preservation of affordable housing, today announced the acquisition of Gould House, a 101-unit Section 8 housing development for the elderly, located in Boca Raton, Florida. The property is located on the 100+ acre Jewish Federation of South Palm Beach County Campus.
Fairstead plans to immediately embark on a $6 million rehabilitation of the entire complex, including a full renovation of all apartments that will include new kitchens, baths, lighting, HVAC, flooring and windows, as well as common area improvements including upgrades to the physical plant, security systems, grounds, lobbies, community room and management office.
"Fairstead is pleased to announce our purchase and immediate renovation of Gould House Apartments, which upholds our deep commitment to enhancing and preserving affordable housing nationwide," said Will Blodgett, Co-Founder and Partner of Fairstead. "It's especially important that we continue to provide quality affordable living options for our nation's elderly population and this acquisition and subsequent renovation ensures that the senior residents of the Gould House complex will remain in their homes for years to come."
Blodgett adds, "This latest transaction also represents Fairstead's 6th senior affordable housing acquisition and renovation in the region this year, and further demonstrates our commitment to the South Florida market."
The acquisition was financed through the issuance of federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Palm Beach County, Florida. The Freddie Mac Lender/Bond Purchaser in the transaction was Berkadia Commercial Mortgage LLC and the LIHTC Investor was Regions Affordable Housing LLC.
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.
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