Fairstead Snags Sunrise Senior Housing Property for $30M
Real estate investor, developer, owner and operator Fairstead has acquired Federation Sunrise Apartments, a 123-unit Section 8 housing development for the elderly located in Sunrise, FL. The sales price was $29.5 million.
The property, which is located at 5010 N. Nob Hill Rd., will be rehabbed by Fairstead. Plans for the multimillion dollar rehabilitation include a full renovation of the apartments that will feature new kitchens, baths, flooring, windows, and air conditioning units, as well as substantial site work focusing on the strengthening the building’s resiliency along with upgrading the community room, landscaping, and other amenities within the development.
The acquisition was financed through the issuance of federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Broward County.
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