INDEPENDENCE, Mo. — Chicago-based Senior Housing Group and its joint-venture development partner, Maine-based Evergreen Partners, have acquired Heritage House, a 166-unit affordable seniors housing community in the Kansas City suburb of Independence, for an undisclosed price.
The new owners plan to implement a $10 million rehabilitation plan for the eight-story community. The seller, Community of Christ, built heritage House in 1975.
The new owners plan to complete the renovations by early 2018, with no relocation of residents necessary.
With this acquisition, Senior Housing Group no owns 19 affordable seniors housing communities, totaling 2,123 units. SHG and Evergreen worked with the United States Department of Housing and Urban Development, the Missouri Housing Development Commission, the City of Independence Industrial Development Authority, the City of Independence Housing Authority and the Midtown/Truman Redevelopment Corp. in the plans.
To complete the acquisition, the buyers utilized tax-exempt Multifamily Housing Revenue Bonds issued by the City of Independence Industrial Development Authority as well as funds generated from the syndication of federal and state low-income housing tax credits awarded by the Missouri Housing Development Commission. Other parties involved in the transaction include Red Capital Markets LLC, PNC Real Estate Tax Credit Capital and Sugar Creek Capital.