DAVIE, Fla. — Fairstead has acquired Federation Davie Apartments, an affordable seniors housing community in the Miami suburb of Davie, for $17.9 million.
It’s the company’s seventh such deal since November. Fairstead plans preserve long-term affordability for the building’s 80 units for at least 30 years. The buyer also plans to undertake a $12 million rehabilitation of the 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.
“We are firmly committed to the South Florida affordable seniors housing market and are proud to deliver first-class renovations and preserve affordability for the residents of Federation Davie Apartments,” says 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.”
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.