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

Gould House sold for $334K per unit

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.

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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.