Fairstead Acquires Seniors Housing Community in South Florida for $29.5M

SUNRISE, FLA. — Fairstead has acquired Federation Sunrise Apartments, a 123-unit seniors housing community in Sunrise, for $29.5 million. Fairstead plans to upgrade the property, including new kitchens, baths, flooring, windows and air conditioning units. The New York City-based buyer also plans to upgrade the landscaping, community room and other existing amenities. The community is located at 5010 N. Nob Hill Road, 13 miles west of downtown Fort Lauderdale. The Housing Finance Authority of Broward County provided the buyer with federal low-income housing tax credits and tax-exempt bonds for the acquisition. The seller was not disclosed.