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Naples Affordable Housing Property to Get $85M Redevelopment
Real estate company Fairstead has announced plans to redevelop Goodlette Arms Apartments, a 250-unit permanently affordable development for seniors in Naples. The total cost of the project is expected to be $85 million.
Fairstead acquired the property from Full Circle Communities for $59.5 million and will spend more than $25 million to upgrade all apartments and common areas along with energy, sustainability and property resiliency measures across the property. The deal will preserve affordability at Goodlette Arms Apartments for at least the next 40 years. Situated in a park-like setting, the revamped property will feature fountains and waterways, along with amenities that will include an upgraded community center, fitness room, beauty salon, computer lab, bike storage and on-site laundry facilities.
Fairstead secured financing for the project through Berkadia Commercial Mortgage, with Regions Bank acting as the tax credit investor and the Collier County Housing Finance Authority acting as bond issuer.
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