Family-owned private equity firm Gardner Capital made a couple of investments in the senior apartment market, both in the Midwest. First, the company and partner Housing Authority of Elgin developed a brand-new community in West Dundee, Illinois, with 61 units set aside for low-income seniors. And according to Gardner Capital, this is just the first of several projects planned for the Chicago area.
The community features one-bedroom units with 735 square feet and two-bedroom units with 892 square feet. Omaha, Nebraska-based Seldin Company will operate it, adding the property to its large presence in the central United States, including in Nebraska, Iowa, Illinois, Missouri, Kansas, Oklahoma and Texas. Financing for the project came from Fifth Third Bank and Raymond James, while the Illinois Housing Development Authority served as the permanent lender.
Gardner Capital then headed east to open another low-income senior apartment complex in Cincinnati, this time in partnership with Cincinnati Metropolitan Housing Authority. Comprising 50 units, split between 11 one-bedroom and 39 two-bedroom apartments, the community is LEED-certified, which provides a tax incentive to the building’s owners. With operations in Wisconsin, Michigan, Illinois, Indiana, Kentucky and Ohio, Wallick Communities will manage it going forward. Fifth Third Bank also helped finance the project, working with Stratford Capital and Ohio Housing Finance Agency.
