Greystone Negotiates $33M Sale of Two Communities in Detroit Metro

Sterling Place Sterling Place

WESTLAND and SOUTHFIELD, Mich. — Greystone Real Estate Advisors has 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 for $33 million.

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.

Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction.

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