TAMPA, FLA. — New York City-based affordable housing developer Fairstead has announced the $54.7 million acquisition and rehabilitation of Silver Oaks Apartments in Tampa. The 200-unit property was built in 1973 and is governed by Section 8 and Low-Income Housing Tax Credit (LIHTC) affordability restrictions, with all units reserved for households earning up to 60 percent of area median income. Construction and redevelopment efforts at Silver Oaks Apartments will begin in the second quarter of this year with completion slated for the third quarter of 2027.
Located at 4200 Kenneth Court, Silver Oaks comprises eight three-story buildings on 6.7 acres, offering 33 one-bedroom, 127 two-bedroom and 40 three-bedroom units, along with a community building. Moseley Architects designed the redevelopment. The plan includes updating all unit interiors, installing in-unit washers and dryers, upgrading mechanical, electrical and plumbing systems, completing building exterior, site infrastructure and access-control improvements and renovating common areas and community spaces, including a new playground and exercise room.