Fairstead Makes Boca Raton Senior Housing Purchase

The buyer plans to invest $6 million in fully rehabilitating the 101-unit property.
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One month after paying $29.5 million for an affordable senior housing asset in Fort Lauderdale, Fla., Fairstead has purchased Gould House, a 101-unit Section 8 senior housing property in Boca Raton, Fla. According to Yardi Matrix data, the Jewish Federation of South Palm Beach County sold the asset that was developed in 1990 on its 100-acre campus.

The buyer financed the acquisition with federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Palm Beach County. Berkadia was the bond purchaser in the transaction, while the LIHTC Investor was Regions Affordable Housing LLC.

Situated on 4 acres at 21000 Ruth and Baron Coleman Blvd., the four-story building houses studios and one-bedroom floorplans averaging 487 square feet. Amenities include a community room, four laundry facilities and some 70 parking spaces. Fairstead plans to initiate a $6 million rehabilitation process at the community, including full apartment renovations and common area improvements.

The property is some 5 miles west of downtown Boca Raton, just north of West Boca Medical Center. Sitting between Boca Lago and Boca Woods golf courses, the community is within a mile of three shopping centers.