Fairstead has announced the $54.7 million acquisition and planned renovation of a 200-unit affordable housing community in Tampa, Florida.
Built in 1973, the property will undergo extensive interior and exterior renovations, according to the company.
“The acquisition of Silver Oaks demonstrates continued growth for Fairstead in the state of Florida and our first acquisition in the Tampa market,” said Lauren Jolliver, developer at Fairstead. “By thoughtfully upgrading the property and strengthening on-site resources, we’re ensuring residents can continue to call this community home while benefiting from the quality, comfort, and services they deserve.”
The development is governed by Section 8 and low-income housing tax credit restrictions, with all units reserved for households earning up to 60% of the area median income.
The community features 33 one-, 127 two-, and 40 three-bedroom units, along with a community building.
Fairstead said it is updating interiors across all the homes with in-unit washers and dryers, energy-efficiency and sustainability enhancements, and system upgrades. Community spaces will also be upgraded.
The transaction was made possible through a Freddie Mac loan commitment secured by Lument, tax credit equity from PNC Bank, and tax-exempt bonds issued by the Hillsborough County Housing Finance Authority, in partnership with Florida Housing Finance Corp.
Silver Oaks Apartments is one of more than a dozen affordable communities that Fairstead owns and operates in Florida. The firm recently completed renovations at Lauderhill Point, its 176-unit affordable housing community in Lauderhill, Florida, bringing its total statewide footprint to over 2,000 residences.
Nationally, Fairstead owns and operates 30,000 apartment homes in 28 states.