PHILADLEPHIA — Cushman & Wakefield has brokered the sale of The Terrace at Chestnut Hill, a 108-unit assisted living and memory care community located in northwest Philadelphia.
MVJ Ventures acquired the property from an undisclosed seller. Brett Gardner, Joshua Jandris and Jason Skalko of Cushman & Wakefield represented the seller in the transaction. Jason Stroiman and Brendan DeSilva of Evans Senior Investments represented the buyer.
Originally built in 1987, The Terrace at Chestnut Hill was renovated in 2012. Viva Senior Living will operate the community, which was 85 percent occupied at the time of sale, on behalf of the new ownership.
Amenities at the property include laundry and linen services, transportation services and organized activities, housekeeping, a salon, library and movie theater and landscaped outdoor space. The community also offers a range of fitness and medical services on site.
“The Terrace at Chestnut Hill represents exactly what today’s investors want,” says Jandris. “In a supply-constrained market, properties that offer strong occupancy growth within well-located, walkable neighborhoods continue to drive significant demand.”