Silver Oaks Apartments in East Tampa sold for about $30.75 million to affordable housing operator Fairstead, which plans to renovate the property while keeping it designated as affordable housing long term, according to public records.
The acquisition includes $42 million in public financing for renovations and long-term affordable housing requirements, according to transaction financing documents. Financing connected to the project also includes PNC Bank.
In exchange for the financing, the apartments will continue operating as affordable housing under federal and state programs with income requirements overseen by Florida Housing Finance Corp. and related housing agencies, according to the filings.
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The renovation work tied to the financing includes upgraded units, updated community spaces and broader property improvements. Financing documents reference upgraded appliances, updated windows, accessibility improvements, clubhouse renovations, playground improvements and energy-efficiency upgrades.
The East Tampa complex at 5711 Troy Court, formerly known as Johnson-Kenneth Court, was acquired by Silver Oaks Preservation LLC from SP Johnson Kenneth Court LP.
Fairstead, based in New York, owns and manages affordable housing properties across the country and focuses on apartment acquisitions and rehabilitation projects.
Fairstead did not immediately respond to a request for comment.
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