Greystone Real Estate Advisors recently 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 million. Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction.
Ashford Court, located in Westland, Michigan, has 143 independent living, assisted living and memory care units. Sterling Place, in Southfield, Michigan, has 156 independent living units. The communities, built in 1986 and 1987 respectively, have benefitted from significant capital expenditures during the past two years.
The portfolio is almost fully occupied and offers a total of about 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