Senior Living Investment Brokerage Arranges $4.5M Sale of Pennsylvania Community

by Jeff Shaw

CHESTER, Pa. — Senior Living Investment Brokerage has arranged the $4.5 million sale of Chestnut Ridge, a 165-unit assisted living and independent living community in Chester, a suburb of Philadelphia.

The buyer was Valstone, a private equity group based in Michigan. The seller was Pennrose Properties, an affordable housing developer based in Philadelphia. The operator of the community is Genesis Healthcare, which will not change with the acquisition.

The sale was completed under the direction of the bondholder, Eaton Vance. 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. Bradley Clousing and Toby Siefert handled the transaction for Senior Living Investment Brokerage. 

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