The National Seniors Housing Group of Atlanta-headquartered Apartment Realty Advisors (ARA) announced that it has brokered the sale of Eastside Gardens, a 53-unit assisted living community with a dedicated dementia care wing located in Snellville, Georgia. The property was developed in 1997 by Matrix Healthcare Development, Inc. Senior Housing Properties Trust (“SHPT”), a Maryland real estate investment trust, purchased the property from Eastside Gardens of Snellville, LLC for a price of $4,900,000, representing a price per unit of $92,450. Five Star Quality Care, Inc (“Five Star”) will operate the facility for SHPT. Five Star is a healthcare and senior living services company headquartered in Newton, MA which owns or leases and operates 207 senior living facilities, two rehabilitation hospitals, outpatient rehabilitation clinics and institutional pharmacies. Ed LaFrance and Ryan Maconachy of ARA’s National Seniors Housing Group exclusively represented the seller.
“This sale allows Five Star to add another quality, stabilized asset to complement its 13 other properties located throughout Georgia,” says Ryan Maconachy who represented the seller. “This was a strategic disposition on the part of the seller. We had a number of qualified buyers.”