Description:
Oakshire Senior Apartments consists of 1 three-story apartment building situated on a parcel totaling approximately 2.9 acres in Reading, PA. Reading is centrally located in southeast Pennsylvania, within 60 miles of major metropolises such as Philadelphia, Lancaster, and Harrisburg. The community features a mix of one-bedroom and two-bedroom apartments with an average unit size of 769 square feet. The property is age restricted to seniors (55+) and income restricted to households earning no more than 50% and 60% of the Berks County AMI (area median income). Community amenities include a fitness center, elevator service, theatre room, game room, community room, hair salon, three on site laundry facilities, and three libraries.
MPC Strategy:
McKee Private Capital purchased Oakshire Senior in December 2020, marking our first expansion into the Pennsylvania market. MPC raised equity from five private investors, two of whom were in exchange, and fixed rate debt financing was provided by Freddie Mac.
While operations were stable under previous ownership, MPC is confident that meaningful NOI growth is achievable through more aggressive leasing and expense control. Physical occupancy rates among similar type properties in Reading have averaged 95%+ for the past three years providing proof of concept to our improved occupancy projections under new ownership. Year 1 investor dividends are projected at 7% annually.
