Fairstead Announces $54.7 Million Acquisition And Rehabilitation Of Silver Oaks Apartments In Tampa

Fairstead has announced the $54.7 million acquisition and planned rehabilitation of Silver Oaks Apartments, a 200-unit affordable housing community at 4200 Kenneth Court in Tampa, Florida. Located in Hillsborough County, the property is governed by Section 8 and Low-Income Housing Tax Credit affordability restrictions, with all units reserved for households earning up to 60 percent of the Area Median Income. Construction and rehabilitation efforts are expected to begin in Q2 2026, with completion scheduled for Q3 2027.

Fairstead, a national real estate company focused on creating, preserving, and improving affordable housing, owns, manages, and has in pre-development more than 30,000 apartments nationwide, including 2,000 in Florida. The acquisition marks the firm’s first in the Tampa market and adds to its statewide portfolio of affordable housing communities.

Photo Credit: Fairstead

Originally built in 1973, Silver Oaks Apartments comprises eight three-story buildings on 6.7 acres, along with a community building. The property includes 33 one-bedroom units, 127 two-bedroom units, and 40 three-bedroom units.

The project will undergo extensive in-unit and exterior renovations to all apartment homes and shared spaces, with work designed to enhance operational efficiencies and improve the resident experience. The renovation plan, designed in partnership with Moseley Architects, will modernize the property while enhancing operational performance across the community.

Planned work includes updated interiors across all residential units, the addition of in-unit washers and dryers, energy efficiency and sustainability enhancements, mechanical, electrical, and plumbing system upgrades, building exterior and site infrastructure improvements, security and access control upgrades, and renovated common areas and community spaces. New playgrounds and an exercise room are also included in the rehabilitation scope.

“The acquisition of Silver Oaks demonstrates continued growth for Fairstead in the state of Florida and our first acquisition in the Tampa market,” said Lauren Jolliver, Developer, Fairstead. “By thoughtfully upgrading the property and strengthening on-site resources, we’re ensuring residents can continue to call this community home while benefiting from the quality, comfort and services they deserve.”

Resident programs at Silver Oaks Apartments will include financial literacy workshops, health and wellness classes, career training, personal development courses, and community events intended to strengthen social connections across age groups. All residents will also receive free cable and internet service.

“This is a tremendous win for the families of Silver Oaks and for all of District 3. As a strong advocate for affordable housing, I will continue championing initiatives that prevent displacement, preserve affordability, and support the well-being of my constituents. I applaud Fairstead and the Hillsborough County Housing Finance Authority for putting residents first and helping secure a brighter future for this community,” said Commissioner Gwen Myers, Hillsborough County Board of County Commissioners, District 3.

The transaction was made possible through a Freddie Mac loan commitment secured by Lument, tax credit equity from PNC Bank, and tax-exempt bonds issued by the Hillsborough County Housing Finance Authority in partnership with Florida Housing Finance Corporation.

“We were proud to partner with Fairstead on another transaction focused on preserving affordability and delivering upgrades for residents,” said Suzie Cope, a Managing Director on Lument’s Affordable Housing Team. “By executing a Freddie Mac Index Lock to capitalize on a dip in rates, we were able to generate additional proceeds to enhance the scope of improvements. Combined with Fairstead’s clear renovation plan and in-house design and construction expertise, the financing positions Silver Oaks for long-term success.”

“Preserving and improving affordable housing like Silver Oaks Apartments is central to PNC’s mission to strengthen communities,” said John Nunnery, executive vice president and manager of Tax Credit Originations at PNC Bank. “Through low-income housing tax credits, we’re proud to support Fairstead’s investment in meaningful property upgrades that enhance quality of life for residents while ensuring long-term affordability for families in Tampa.”

Silver Oaks Apartments is one of more than a dozen affordable communities that Fairstead owns and operates in Florida. The firm recently completed renovations at Lauderhill Point, a 176-unit affordable housing community in Lauderhill, Florida, this past summer, bringing its total statewide footprint to over 2,000 residences.

Nationally, Fairstead owns and operates 30,000 apartment homes in 28 states, including its active pipeline. The firm describes its approach to property management and operations as hands-on and resident-focused, with an emphasis on supporting communities where families feel safe, connected, and supported.

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