LAUDERHILL, FLA. — Fairstead has completed the $17.7 million renovation of Lauderhill Point, a 176-unit affordable housing community in Lauderhill. Fairstead acquired Lauderhill Point in 2024 for $26.5 million. Total acquisition and redevelopment costs amounted to $68.7 million, or approximately $390,000 per residence. Financial partners on the acquisition included the Housing Finance Authority of Broward County, which helped obtain $40 million in tax-exempt bond financing, and the Florida Housing Finance Corp., which facilitated $25 million via the Low-Income Housing Tax Credit (LIHTC) program. Additional financial partners included Freddie Mac, PNC Bank and Berkadia, which provided $550,000 in supplemental funding. The property also utilizes 4 percent LIHTCs.
Renovations included interior and exterior upgrades, a redeveloped community center and playground, storm-resistant and energy-efficient upgrades and expanded resident services, which include a hurricane preparedness program.
Additionally, weekly coordination between Fairstead, its on-site security team and law enforcement has driven a shift in community safety. According to the Lauderhill Police Department, daily police calls dropped by 36 percent in the first six months of Fairstead’s ownership.
Lauderhill Point comprises 23 two-story buildings with a mix of two-, three- and four-bedroom residences designated for families earning up to 60 percent of the area median income. It is one of 13 communities that Fairstead owns and operates in Florida. Headquartered in New York, with regional offices in Colorado, Florida and Washington, D.C., Fairstead owns more than 25,000 apartments across 28 states.