NEW YORK, Aug. 09, 2017 (GLOBE NEWSWIRE) — Greystone Real Estate Advisors announced it closed the sale of two senior living communities in the Detroit metropolitan area. Chevalier International Holdings, Ltd. purchased Ashford Court and Sterling Place from New Senior Investment Group on June 16 for $33,000,000. Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction.
Ashford Court, located in Westland, has 143 independent living, assisted living, and memory care units. Sterling Place, in Southfield, has 156 independent living units. The communities, built in 1986 and 1987 respectively, have benefitted from significant capital expenditures over the past two years. The portfolio is almost fully occupied and offers a total of approximately 17 acres and 250,000 square feet between the two buildings. Both properties are located within close proximity to a variety of transportation options, shopping centers, parks, and recreational opportunities. Each property is situated in a market area with favorable seniors demographic forecasts and relatively high median household incomes. Ashford Court and Sterling Place offer a variety of amenities including libraries, lounge areas, barber / salons, landscaped grounds, and private apartments with kitchen/ettes and patios or balconies.
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, assisted living, memory care, and skilled nursing facilities.
About Greystone Real Estate Advisors, Inc.
Greystone Real Estate Advisors, Inc. provides services in sales and acquisitions of seniors housing property types including independent living, assisted living, memory care and skilled nursing as well as affordable and multifamily properties. The team offers a full spectrum of advisory services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners and healthcare REITs.
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.
About The Chevalier Group
The Chevalier Group was founded in 1970 by Dr Y C Chow and its group holding company Chevalier International Holdings Limited is listed on the Stock Exchange of Hong Kong. The Group has developed into a diversified global conglomerate with over 10,000 employees working in its subsidiaries and associated companies with a presence in Australia, Canada, Hong Kong, Japan, Macau, Mainland China, Singapore, Thailand, USA and Vietnam. Principal activities of its subsidiaries include construction and engineering, property investment, property development and operations, senior housing and car dealership. Chevalier has been engaged in the senior housing business in the U.S. since 2011.
CONTACT: PRESS CONTACT: Karen Marotta Greystone 212-896-9149 Karen.Marotta@Greyco.com