PREA is pleased to announce the successful sale of Crosstown Parkway, a 201-unit senior housing community located in a major metropolitan area of Michigan. The transaction officially closed on July 30, 2025, following a competitive marketing process that yielded approximately 35 qualified offers.

Crosstown Parkway offers a rare opportunity to acquire a well-maintained, partially subsidized senior housing asset with meaningful value-add potential. The Property is comprised of a 9-story apartment building with 177 units, each with private balconies or patios, and four townhome-style buildings housing an additional 24 units. All townhomes feature private entrances, in-unit laundry, and covered carports— an amenity package highly attractive to the senior demographic. Notably, 88% of the units (177/201) are supported by a Project-Based Section 8 HAP Contract and reserved for seniors aged 62 and older, providing stable cash flow and long-term affordability protections. The remaining 24 market-rate units are age-restricted to residents 55 and older.

Situated in a QCT and within a jurisdiction recognized for strong federal, state, and local support of affordable housing, Crosstown Parkway is positioned for long-term operational success. The community presents a range of potential investment strategies, including recapitalization via Low-Income Housing Tax Credits (LIHTC) or other mission-aligned funding sources. The Property also benefits from significant recent capital improvements prior to the sale, including a new $1M+ roof installed in 2020. “Crosstown Parkway represents exactly the type of high-impact, senior-focused housing asset investors are increasingly seeking,” said Neal Wolf of Performance Real Estate Advisors. “The enthusiastic response from the market underscores continued demand for affordable and age-restricted housing in Michigan’s major metros.” The transaction went under contract in November 2024, shortly after launch, and PREA is proud to have facilitated a smooth closing on behalf of both buyer and seller.