Steve Ross's Related Companies Acquires Federation Plaza Senior Housing For $29.7M

The Federation Plaza senior independent living building in Hollywood, Florida, has been sold to Related Companies for $29.7 million. The property, situated at 2081 Taft Street, spans across 3 acres. This acquisition by Related Companies is in line with their dedication to affordable housing in South Florida. The affordability status of the building will be maintained, thanks to Section 8 and Low-Income Housing Tax Credit protections in place.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $29,700,000
• Address: 2081 Taft Street, Hollywood
• Market: Hollywood
• Acres: 3

Related Companies, led by Steve Ross, purchased the Federation Plaza senior independent living building. The seller, Foundation for Affordable Housing, agreed to the transaction. Wells Fargo served as the lender for this deal. The building comprises 123 units, with a purchase price per unit of $241,463.