Fairstead announced the $29.5 million acquisition of Federation Sunrise Apartments, a 123-unit Section 8 housing development for seniors in Sunrise, Fla., within Broward County.
The New York-based company is planning to embark on a multimillion dollar rehabilitation of the entire complex, including a full renovation of the apartments that will include new kitchens, baths, flooring, windows, and air-conditioning units, as well as substantial site work focusing on strengthening the building’s resiliency along with upgrading the community room, landscaping, and other amenities.
“Fairstead is dedicated to developing and preserving safe, quality, and first-rate affordable housing for our residents nationwide,” said Will Blodgett, co-founder and partner of Fairstead. “It’s particularly vital to ensure quality affordable housing for our country’s senior population, which is what makes our purchase and rehabilitation of Federation Sunrise Apartments so important. This transaction will protect the development's affordable status for 30 years, and our planned renovations will address the unique needs and ensure a great quality of life for all the residents of this community.”
Blodgett adds, “Our purchase of the Federation Sunrise Apartments complex also showcases Fairstead’s long-term belief in the South Florida market as we continue to grow our portfolio within the region.”
Fairstead is a real estate investor, developer, owner, and operator specializing in affordable and mixed-income housing. Since 2013, the company 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.
