In October, 2015, Preservation development Partners acquired Oakwood Towers, a senior care
apartment complex located at 400 Oakwood Avenue, Orange, New Jersey. The rental property was
purchased for $21 million and an additional $8 million will be invested in major capital improvements to
the property, approximately $34,000 per unit. All of the units at Oakwood Towers are one-bedroom
apartments, with the exception of an on-site superintendent’s dwelling. All of the apartments are set aside
for tenants earning no more than 60% of Area Median Income (AMI).
Oakwood Towers benefits from a Project Based Section 8 Contract (HAP Contract). The Section 8
Contract, which subsidizes tenants’ rental payments, will preserve affordable senior care housing in the
community for at least the next 20 years.