The National Seniors Housing Group of Apartment Realty Advisors (ARA) recently announced that it brokered the sale of The Isle of Emerald Court, a 94-unit assisted living community located in Tewksbury, Massachusetts. The Northbridge Companies (“Northbridge”) of Burlington, Massachusetts purchased the property from owner/developer South Bay Partners of Dallas, Texas. The Isle at Emerald Court is part of a larger seniors housing campus which includes 93 active adult cottage homes and 51 condominiums. Northbridge, based in Burlington, Massachusetts develops, owns and manages quality senior living communities throughout New England. The company has capitalized the acquisition/disposition of $140 million in senior housing assets and operates over 500 assisted living units. The acquisition of The Isle at Emerald Court brings Northbridge’s portfolio to seven owned and/or managed assisted living communities in Massachusetts.
The acquisition was financed by Fundamental Advisors LP, a private equity fund with offices in New York and Colorado. Ed LaFrance and Ryan Maconachy of ARA’s National Seniors Housing Group exclusively represented South Bay Partners with local support from ARA’s Boston-area office.