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

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July 7, 2020
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As reported in The Real Deal.

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.

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.