CLW Senior Housing, a division of CLW Real Estate Services Group, recently represented affiliates of Walton Street Capital, L.L.C. and Senior Lifestyle Corporation in the sale of two rental retirement communities located in Pennsylvania and Wisconsin.
The first retirement community, Bellingham/Park Lane, is located in West Chester, Pa., and has 208 independent living apartments, 50 assisted living units, 16 memory care units, and 65 skilled nursing beds for a total of 338 total units/beds. Built in 1991, with additions for assisted living and skilled nursing added in 2000 and 2002, respectively, the community is located on 15.35 acres of land for approximately 345,000 square feet.
The second retirement community is Harbour Village, located in Greendale, Wisc. (near Milwaukee). It was acquired by HCRI Wisconsin Properties LLC, an affiliate of Ohio-based Health Care REIT, for $38 million. The community features 139 independent living apartments, 38 assisted living units, and 44 memory care units for a total of 221 units. Built in 1988, Harbour Village added assisted living services in 1996, followed by memory care units in 2000. It is located on 14.15 acres of land with a total of approximately 250,300 square feet.
Overall occupancies for both properties averaged approximately 91% to 93% during the trailing 12 months. Senior Lifestyle Corporation will continue to manage the properties.
Written by Alyssa Gerace