Fairstead Makes 1st Tampa Buy in $55M Deal
Part of the funds will go toward the affordable property’s rehabilitation.
Fairstead has closed its first purchase in Tampa, Fla., as part of a $54.7 million acquisition and rehabilitation deal. The firm paid $30.7 million for the 200-unit affordable community dubbed Silver Oaks Apartments and earmarked another $24 million for its renovation.
Standard Communities sold the property after nearly a four-year hold period, according to Yardi Matrix data.
Lument issued a Freddie Mac acquisition loan, while PNC Bank provided tax-credit equity. In addition, the Hillsborough County Housing Finance Authority and Florida Housing Finance Corp. issued tax-exempt bonds worth $42 million.
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The LIHTC-regulated Silver Oaks caters to households earning up to 60 percent of the area median income. Residents also benefit from Section 8 vouchers. The community debuted in 1973 and currently features one- to three-bedroom layouts ranging between 650 and 950 square feet across eight three-story buildings.
Fairstead’s rehabilitation will include updated interiors, enhanced mechanical, electrical and plumbing systems, exterior upgrades, as well as renovated common areas and community spaces, including new playgrounds and a gym. Moseley Architects designed the modernization effort, which is slated to kick off this quarter and wrap up in 2027.
As part of the rehab, Fairstead will also provide resident programs such as financial literacy workshops, health and wellness classes, as well as career and personal development courses.
The property occupies nearly 7 acres at 4200 Kenneth Court, in the Northeast Tampa neighborhood. The downtown area is roughly 6 miles away.
Florida’s push for affordable development
When it comes to the number of incentives for affordable housing, both local and state-wide, the Sunshine State is second only to California. Florida has 20 subsidy programs, with the State Apartment Incentive Loan program being the most popular among developers, according to a Yardi Matrix report.
These affordable housing trends can be easily seen in Tampa, where fully affordable projects make up nearly 20 percent of the city’s pipeline, the same data provider shows. One such development, the 174-unit Residences at East End, is located within walking distance of Silver Oaks.
