Fairstead, a fully integrated real estate firm committed to the creation and preservation of affordable housing, has acquired Gould House, a 101-unit Section 8 housing development for seniors. The property is located on the 100-plus acre Jewish Federation of South Palm Beach County campus in Boca Raton, Fla.
The company plans to immediately embark on a $6 million rehabilitation of the entire complex, including a full renovation of all apartments that will include new kitchens, baths, lighting, HVAC, flooring, and windows, as well as common area improvements, including upgrades to the physical plant, security systems, grounds, lobbies, community room, and management office.
“Fairstead is pleased to announce our purchase and immediate renovation of Gould House Apartments, which upholds our deep commitment to enhancing and preserving affordable housing nationwide,” said Will Blodgett, co-founder and partner of Fairstead. “It’s especially important that we continue to provide quality affordable living options for our nation’s elderly population, and this acquisition and subsequent renovation ensures that the senior residents of the Gould House complex will remain in their homes for years to come.”
The development had been owned by the Jewish Federation.
The latest transaction is Fairstead’s sixth senior affordable housing acquisition and renovation in the region this year, according to Blodgett.
The acquisition was financed through the issuance of federal low-income housing tax credits (LIHTCs) and tax-exempt bonds from the Housing Finance Authority of Palm Beach County. The Freddie Mac lender/bond purchaser was Berkadia Commercial Mortgage, and the LIHTC investor was Regions Affordable Housing.
Headquartered in New York City, Fairstead is a real estate investor, developer, owner, and operator specializing in affordable and mixed-income housing. Since 2013, it has acquired and/or developed more than $4 billion of multifamily property across the country and owns a portfolio of 11,500 apartments in 14 states.
