Chicago-based Senior Housing Group and Evergreen Partners recently acquired Heritage House Apartments, a 166-unit apartment building in the Kansas City suburb of Independence, Missouri.
The building, developed in 1975, has long provided housing for seniors. But it has never undergone a full renovation. Senor Housing Group has committed to fully rehabilitate the building and maintain its senior designatin and affordability until at least 2046.
Current Heritage House residents will not be displaced from the building during the renovation, which is projected to cost more than $10 million and be completed by early 2018.
By acquiring Heritage House, Senior Housing Group has expanded the number of properties in its affordable senior portfolio to 19.
