MMG has closed the sale of The Pavilion, a 295-unit independent senior apartment community operating under a Housing Assistance Payments (HAP) contract, for a total consideration of $23,000,000. The property is located at 3901 Conshohocken Avenue in Philadelphia, Pennsylvania. Kyle Shoemaker, Managing Director, and Bill Brading, Senior Director, of MMG represented the seller, court-appointed receiver Trigild, in the transaction. The buyer is Steele Properties of Colorado.

The Pavilion is a critical affordable housing asset serving low-income seniors and had become severely distressed following fraud committed by the original ownership group. MMG worked closely with the receiver to stabilize the property and preserve its HAP contract by identifying a qualified buyer with deep experience in affordable housing preservation and redevelopment.

The buyer plans to complete an extensive renovation of the property utilizing tax-exempt bonds and 4% Low-Income Housing Tax Credits (LIHTC), along with funding from the Pennsylvania Housing Finance Agency. These improvements will modernize the community while ensuring its long-term affordability and continued service to the senior population.

The transaction involved several unique challenges, including the property’s operation under a ground lease with a neighboring apartment complex. MMG played a key role in negotiating a new ground lease agreement that satisfied the buyer’s financing requirements, allowing the transaction to successfully close on December 23, 2025.

“We are thrilled to have been in a position to preserve a severely at-risk affordable housing asset like The Pavilion,” said Shoemaker. “The Pavilion provides sorely needed housing for low-income seniors and had fallen into disrepair before a receiver was permitted to take control. Our team generated multiple offers from some of the most experienced and respected affordable housing developers in the country, ultimately delivering the best solution to renovate and preserve the property for the foreseeable future.”