Toby Siefert and Bradley Clousing sold a 165 unit assisted living, memory care and independent living community in Chester, Pennsylvania. The unit mix is 59 market rate AL, 21 low income AL, 17 memory care and 69 independent living. The independent living portion of the community was developed using Section 42 low income housing tax credits and residents must meet certain criteria in order to be eligible to live in these units. The asset had significant bond debt and the transaction was executed at the direction of the bond holders. The building is in need of significant capital improvement and re-branding in the local community just west of Philadelphia. Given the current debt structure and the limited cash flow, the Seller was unable to make these improvements. The thirteen story building was constructed in 1998 and had a census of 85%. The Seller was a Pennsylvania based affordable housing developer and the Buyer is a Michigan based private equity group. For additional information, please contact Senior Living Investment Brokerage at 630/858-2501. For information on selling your affordable housing community, please contact Kyle Shoemaker at Affordable Housing Investment Brokerage, Inc. 630/405-6500 or visit: http://www.affordablehousingbrokerage.com/
