Fairstead Acquires Gould House Affordable Community in Boca Raton, Florida

BOCA RATON, Fla. — Fairstead has acquired Gould House, a 101-unit Section 8 housing development for the elderly in Boca Raton. The property is located on the 100+ acre Jewish Federation of South Palm Beach County Campus.

While the seller and price were not disclosed, Fairstead did unveil plans for a $6 million rehabilitation of the entire complex.

The project will include new kitchens, baths, lighting, HVAC, flooring and windows for all apartments, as well as common area improvements to the physical plant, security systems, grounds, lobbies, community room and management office.

The transaction marks Fairstead’s sixth affordable seniors housing acquisition in the South Florida market this year.

Fairstead financed the acquisition through the issuance of federal Low-Income Housing Tax Credits (LIHTC) 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.