Miami Jewish federation sells affordable housing for $60.5M

Kendall property sold for $230K per unit, while Miami Beach building sold for $211K per unit

Nov.November 21, 2019 12:30 PM
Federation Gardens and Federation Towers (Credit: Google Maps)

Federation Gardens and Federation Towers (Credit: Google Maps)

The Greater Miami Jewish Federation sold two affordable housing properties in Miami-Dade for a combined $60.5 million.

Property records show the nonprofit sold the Federation Gardens building at 10911 Southwest 112th Avenue in Kendall to Federation Gardens Preservation L.P. for $36.5 million. It also sold the Federation Towers at 757 West Avenue in Miami Beach to the same buyer for $24 million.

Records show the buyer is tied to the Affordable Housing Institute of Orlando and Fairstead of New York City. Fairstead partner Jeff Goldberg is listed on the limited partnership’s corporate records.

The four-story, 106,825-square-foot building on 112th Avenue has 159 units and was built in 1982. It’s next to the Alper Jewish Community Center in Kendall. It sold for $230,000 per unit.

The Miami Beach building is 11 stories tall with 114 units. The 87,854-square-foot building was built in 1979 on a 34,848-square-foot lot. It traded hands for $211,000 per unit.

Both properties offer low-income senior housing.

Fairstead owns over 10,000 units in 12 states, including affordable, mixed income and market-rate housing.

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