Fairstead Announces $29.5 Million Acquisition
Fairstead has acquired the Federation Sunrise Apartments, a 123-unit Section 8 housing development for the elderly, in Sunrise, Florida, for $29.5 million.
Fairstead is planning a multimillion dollar rehabilitation of the complex, including a full renovation of the apartments.
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 now 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.
