Five Star Quality Care (NYSE:FVE) purchased a portfolio of three seniors housing properties in Indiana from BAI for $52 million.
The properties include Forest Creek Commons, a 122 unit single story apartment building that serves St. Francis Hospital. The property includes an assisted living portion that was constructed in 1995 and an addition was built in 2006.
The North Woods Common property is a single story apartment building with 114 units, an assisted living portion of the property was built in 1997.
The last property is Covington Commons, which features 64 studios, 24 one-bedroom units and 48 two bedroom garden homes on an approximately 12-acre campus. The single-story apartment building is located on the southwest side of Fort Wayne.
Marcus & Millichap Real Estate Investment Services represented both sides of the transaction.
“These properties are institutional-quality real estate with strong existing cash flows,” said Mark Myers, senior vice president of investments for M&M. “Their acuity levels, physical makeup and locations are uniquely positioned to maximize demand and value within their respective upper-middle class markets. Each property has sustained occupancy levels greater than 90 percent.”
Written by John Yedinak