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

Miami /
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.


Related Articles

arrow_forward_ios
Damac Properties' Hussain Sajwani and the Surfside condo collapse site (Damac Properties, Getty Images, iStock)
Year since deadly collapse marked by condo reforms, new development in Surfside
Year since deadly collapse marked by condo reforms, new development in Surfside
Spot On Ventures' Robin Brown with The Hampton Inn by Hilton (LinkedIn, Hampton Inn)
Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
Starwood's Barry Sternlicht and Don Peebles III (Getty, Starwood, Integra, Comras JV)
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
Steven Ross with the Deauville resort (Getty, Google Maps)
Steve Ross’ plan to redevelop historic Deauville resort in Miami Beach advances
Steve Ross’ plan to redevelop historic Deauville resort in Miami Beach advances
A photo illustration of Jade Signature (Compass Real Estate, iStock)
Jade Signature closing tops Miami-Dade’s weekly condo sales
Jade Signature closing tops Miami-Dade’s weekly condo sales
Michael Shvo and Norman Foster and renderings of The Alton (Getty, Wikipedia, Foster + Partners)
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
Mayor Shlomo Danzinger and a rendering of Fort Partners’ Hillcrest by the Sea (Facebook, iStock, rendering by O' Donnell Dannwolf & Partners Architects)
Town of Surfside sued after approving project next to aging condo building
Town of Surfside sued after approving project next to aging condo building
Andian Group's Andres Isaias with 1740 West 25th Street (Google Maps, Andres Isaias)
Spec homebuilder Andres Isaias sells Sunset Islands teardown for $26M
Spec homebuilder Andres Isaias sells Sunset Islands teardown for $26M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...