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Florida & Gulf Coast  + Senior Housing  |  June 5, 2020
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By: David Cohen

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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About David Cohen

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.
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