Creekside Village: Independent Senior Property Sale in Michigan
In December 2022, AHIB closed on 77 LIHTC Independent Senior Units in Monroe, Michigan. The fenced in garden community known as Creekside Village was developed with the Low Income Housing Tax Credit (LIHTC) and placed in service in 2004.
Creekside Village units provide personal front yards and backyards in a calm neighborhood near medical centers and pharmacies ideally suited for independent senior living. All common areas, units and hallways are senior-friendly, with ample space to accommodate mechanical aids (wheelchairs, walkers, crutches). The property operated under a long-term extended use agreement but allowed some up-side potential with current rents below those maximum allowable.
AHIB ultimately closed the deal within five months of the property listing. The seller desired to close in 2022, and our marketing team was able to secure an equally-motivated buyer, working to complete a 1031 exchange within the year.