Housing Preservation Inc Acquires Senior Housing Community In Jacksonville For $10.6M From Fannie E. Taylor Home

The property asset involved in the transaction is a senior housing community located at 6701 Chester Avenue in Jacksonville, featuring 146 HUD-subsidized independent living units. The sale price of the property is $10,600,000, encompassing an 11.81-acre site with 13 buildings. The development includes a total of 146 one-bedroom units and a 6,234-square-foot clubhouse, with the community having been opened in 1980.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $10,600,000
• Address: 6701 Chester Avenue
• Market: Jacksonville
• Units: 146
• Price Per Unit: $72,603
• Seller: Fannie E. Taylor Home for the Aged of South Jacksonville Inc.
• Buyer: Housing Preservation Inc.
• Lender: Merchants Bank of Indiana
• Financing: $12.56M mortgage from Merchants Bank of Indiana
• Note: The property was purchased via FT Seniors Jacksonville LP.

The key individuals and companies involved in the deal include Housing Preservation Inc. as the buyer, with Fannie E. Taylor Home for the Aged of South Jacksonville Inc. serving as the seller. The transaction was financed through a mortgage provided by Merchants Bank of Indiana.