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SUNRISE, Fla. — Fairstead has acquired Federation Sunrise Apartments, a 123-unit Section 8 housing development for the elderly in Sunrise, just west of Fort Lauderdale.
The company paid $29.5 million for the property and has planned a multimillion dollar rehabilitation of the entire complex. The seller was not disclosed.
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.