Fairstead Pays $30M for Fort Lauderdale Senior Housing

The buyer of the 123-unit Section 8 community in Sunrise, Fla., plans to invest in a multimillion-dollar rehabilitation program.
Federation Sunrise. Image courtesy of Fairstead

Fairstead has acquired Federation Sunrise Apartments, a 123-unit Section 8 senior housing property in Sunrise, Fla., for $29.5 million. Public records show the Jewish Federation of Broward County sold the community.

The buyer financed the acquisition through the issuance of federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Broward County. The $33.1 million debt matures in 2036.

Located at 5010 N. Nob Hill Road, the community is close to public transit, 5 miles from Florida’s Turnpike and some 12 miles from downtown Fort Lauderdale. Completed in 1991, the three-story building will undergo a multimillion-dollar rehabilitation program. Full renovation of the property will include new kitchens, baths, flooring, windows and air conditioning units. Improvements will include substantial site work focusing on strengthening the building’s structure and upgrading the community room, landscaping and other amenities.

In a similar transaction, Fairstead spent $33.3 million on a 204-unit property in Newport, R.I. The Section 8 community will undergo a $17 million in capital improvements.