Fairstead buys senior housing in Davie for $18M

Fairstead is planning $12M renovation

Miami /
Oct.October 09, 2020 09:45 AM
Davie property and Will Blodgett, founding partner of Fairstead

Davie property and Will Blodgett, founding partner of Fairstead

Fairstead paid nearly $18 million for the Federation Davie Apartments in Davie, with plans to renovate the senior affordable housing property.

The Jewish Federation of Broward County sold the 80-unit building at 5701 SW 82nd Avenue for $17.9 million, or about $223,000 per unit, records show. The Housing Finance Authority of Broward County provided Fairstead with a $21.35 million loan. The financing includes the issuance of low-income housing tax credits and tax-exempt bonds.

Fairstead is planning a $12 million renovation of the building, including installing new kitchens, bathrooms, windows, lighting fixtures, flooring, a new roof and an upgraded community space, according to a press release. The Davie property was developed in 1991. It will remain an affordable housing property for the next 30 years.

The purchase marks Fairstead’s seventh acquisition of senior affordable housing in South Florida over the past year. In June, the Jewish Federation of South Palm Beach County sold the Gould House affordable senior housing complex in Boca Raton to Fairstead for $33.8 million.

Will Blodgett, founding partner of Fairstead, said in the release that the Davie property brings the company’s total number of South Florida units to more than 700 acquired this year.

A number of new affordable projects are in the works in South Florida. Earlier this week, Miami-Dade County approved short-term leases that will enable three developers, including the Related Group, to redevelop county-owned affordable housing projects in south Miami-Dade.





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