Orlando-based Affordable Housing Institute, along w/equity partner Fairstead in NY, has purchased the Federation Gardens apartments at 5010 Nob Hill Road in Sunrise, Florida, for $29.5M, or about $240,000 per unit, from the Jewish Federation of Broward County. The 3-story, 76,230 SF multifamily property is comprised of 31 studio apartments & 92 one-bedroom units averaging 500 SF each. The seller had owned the building since it was built in 1991, initially housing Jewish immigrants from former Soviet and Latin American territories. The property was nearly 99% occupied at the time of sale. The buyers financed the acquisition in part with the issuance of $33.12 million in federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Broward County. Affordable Housing Institute and Fairstead plan to upgrade and renovate the entire complex while preserving its status as Section 8 affordable housing. The multi-million dollar project will include new kitchens and baths, flooring, windows and air conditioning. There were no brokers involved in the direct sale. #multifamilyrealestate #multifamilyinvesting #multifamilyhousing #multifamilyinvestment #multifamilydevelopment #multifamilyinvestor #multifamilydesign #multifamilymarketing #ellimancommercial #ellimanfl #ellimanagents #commercialagent #floridacommercialmarketplace #floridacommercialproperties https://www.instagram.com/p/CCtVDE3pfh7/?igshid=cwzzu271mlbs