Jewish Federation sells Boca Raton senior living facility for $34M

Gould House sold for $334K per unit

Miami /
Jul.July 06, 2020 11:36 AM
Stephen Siegel of Fairstead, 21000 Ruth and Baron Coleman Boulevard in Boca Raton (Credit: Google Maps)

Stephen Siegel of Fairstead, 21000 Ruth and Baron Coleman Boulevard in Boca Raton (Credit: Google Maps)

The Jewish Federation of South Palm Beach County sold an affordable senior housing complex in Boca Raton to Fairstead for $33.75 million.

Fairstead bought the 101-unit Section 8 housing at 21000 Ruth and Baron Coleman Boulevard in Boca Raton for $334,158 per unit, records show. The property, known as the Gould House, is on the Jewish Federation of South Palm Beach County’s campus, which spans over 100 acres.

Fairstead secured a $33.6 million mortgage from the Housing Finance Authority of Palm Beach County to acquire the property.

The senior living facility was built in 1990 and totals 73,003 square feet.

Fairstead plans to perform a $6 million rehabilitation of the entire complex, including a full renovation of all apartments that will include new kitchens, baths, lighting, HVAC, flooring and windows, as well as common area improvements, according to a press release.

Will Blodgett

Will Blodgett

New York City-based Fairstead was founded in 2013 by CBRE broker Stephen Siegel, Will Blodgett and brothers Andrew and Jeffrey Goldberg. Since then, the company has acquired or developed more than $4 billion of multifamily properties across the country with a total portfolio of 11,500 apartments in 14 states, according to its website.

In June, the Jewish Federation of Broward County sold an affordable senior living facility in Sunrise for $29.5 million.


Related Articles

arrow_forward_ios
Joshua D. Frank and 429 East Alexander Road, Boca Raton (Google Maps)
Investment management partner buys waterfront Boca Raton mansion for $10M
Investment management partner buys waterfront Boca Raton mansion for $10M
Lone Star Funds founder and chair John Grayken, Discovery Senior Living exec Richard Hutchinson and the Palm Beach Gardens location of Discovery Senior Living. (Discovery, Getty)
Lone Star Funds buys two Palm Beach County senior living complexes for $57M
Lone Star Funds buys two Palm Beach County senior living complexes for $57M
Grant Cardone with the Boca Raton apartments. (Facebook via Cardone, Realtor)
Grant Cardone pays $69M for Boca Raton multifamily project
Grant Cardone pays $69M for Boca Raton multifamily project
Michael Dell and Major Food Group heads (from left) Rich Torrisi, Jeff Zalanick and Mario Carbone with a rendering of The Flamingo Grill at Boca Raton Resort & Club (Getty)
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
(Photos courtesy of Uptown Boca)
Amazon Fresh to open 1st Florida store in west Boca Raton
Amazon Fresh to open 1st Florida store in west Boca Raton
Gregory L. Clayman and 4750 Sanctuary Lane, Boca Raton (Linkedin, Google Maps)
Video chat firm president buys waterfront Boca Raton home
Video chat firm president buys waterfront Boca Raton home
Healthpeak Properties CEO Thomas Herzog. (Healthpeak, Sonata)
Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress buys three Palm Beach County assisted living facilities for $30M
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
arrow_forward_ios

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

Loading...