Fairstead Acquires 101-Unit Senior Housing Community in Boca Raton
Real estate firm Fairstead has acquired Gould House, a 101-unit Section 8 housing development for the elderly in Boca Raton. The sales price was not disclosed.
Fairstead plans to embark on a $6 million rehabilitation of the complex, including a full renovation of all apartments including new kitchens, baths, lighting, HVAC, flooring and windows as well as common area improvements. The community is located on the 100-acre Jewish Federation of South Palm Beach County Campus.
The acquisition was financed through the issuance of federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Palm Beach County. The Freddie Mac Lender/Bond Purchaser in the transaction was Berkadia Commercial Mortgage LLC and the LIHTC Investor was Regions Affordable Housing LLC.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.