Fairstead Acquires Lauderhill Apartments In Broward County For $26.5M

Lauderhill Apartments, a Section 8 affordable community in Broward County, sold for $26.5 million to Lauderhill Preservation, led by Fairstead. This multifamily property is located at 3144 Northwest 19th Street in Lauderhill and consists of 177 units. The price per unit (PPU) is $149,718, and the total square footage of the property is 150,483, resulting in a price per square foot (PPSF) of $176. The sale of this property reflects the strong demand for affordable housing in the area, as rent in market-rate units continues to rise.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $26,500,000
• Buyer: Noah Hale - Fairstead
• Seller: John J. O’Donnell - Michaels Organizations
• Lender: Housing Finance Authority of Broward County & Berkadia
• Units: 177
• PPU: $149,718
• SF: 150,483
• PPSF: $176

Noah Hale from Fairstead represented the buyer, while John J. O’Donnell from Michaels Organizations represented the seller in this transaction. The financing for the sale was provided by the Housing Finance Authority of Broward County and Berkadia Commercial Mortgage.