Deal Close
September 1, 2026
Type
Multifamily, 64 units
Price
$4,050,000
Alyssa DeBono
National Affordable Team
Executive Summary
This fully subsidized elderly HAP property took just over two years from Greysteel’s first outreach to close, generating 16 offers along the way from nonprofit and for-profit investors nationwide.
The added complication: the property sits inside a 33-acre senior living campus that its nonprofit owner decided to sell separately, to a different nonprofit, midway through the process. Greysteel closed with a specialized senior-housing nonprofit buyer, completing the seller’s mission before its board disbanded.
The Challenge
The property’s location inside a larger senior campus meant the surrounding land was being sold to a second nonprofit at the same time Northfield Manor itself was under contract — two separate transactions that had to be coordinated without derailing either one.
The Solution
Greysteel navigated the parallel ownership transition directly, keeping the Northfield Manor sale on track while the campus deal proceeded alongside it, and ultimately closed with an experienced nonprofit buyer specializing in senior project-based Section 8 housing.
Results
- $4,050,000 sale price on a fully subsidized 64-unit elderly HAP asset
- 16 offers from nonprofit and for-profit investors nationwide
- Coordinated successfully around a simultaneous, separate sale of the surrounding campus
- Completed the seller nonprofit’s long-term mission ahead of dissolving its board
“The transaction required an extended execution as the surrounding 33-acre senior living campus was simultaneously sold to another nonprofit. Greysteel navigated the ownership transition and ultimately closed with an experienced nonprofit specializing in senior project-based Section 8 housing, completing the seller’s long-term mission.” — Alyssa DeBono, Greysteel Lead Deal Contact, Affordable Team
Greysteel Advisory Expertise
Greysteel is a commercial real estate advisory firm specializing in investment sales and debt and structured finance, serving private investors, middle-market operators, and institutional clients nationwide.
The firm provides sector-focused advisory across multifamily, healthcare, and affordable housing and other commercial real estate asset classes, delivering market intelligence, capital markets expertise, and disciplined execution.
