Philadelphia housing complex for seniors bought by N.Y. firm

0
69

New York-based Hudson Valley Property Group has acquired the senior housing complex at 801 Locust St. known as the American Postal Workers House, the company said.

HVPG paid $120 million for the 300-unit property, the company said in a statement this week. The seller was a unit of Berger Associates Realty in Narberth, records showed.

HVPG managing partner and cofounder Jason Bordainick said the company intends to continue operating the complex as affordable housing for senior residents.

“We have plans to preserve affordability for the seniors who call it home, while also providing significant upgrades to the building and individual units,” Bordainick said.

» READ MORE: Philly will try to diversify real estate development by offering resources and training

Additional tax credit financing is expected to close in the coming months to fund renovations to the property, with a total project cost of approximately $150 million, including acquisition, the…

Read more…