Marcus & Millichap Brokers Sale of 5 Senior Housing Properties for $70.1 Million

Real estate brokerage firm Marcus & Millichap recently brokered the sale of five senior housing properties in three separate transactions with an aggregate sales price of $70.1 million. 

Ben Firestone and Jacob Gehl, out of the firm’s Chicago office, brokered the sale of three properties, Caley Ridge Assisted Living Community in Englewood, Colo., The Mansion at Waterford in Oklahoma City, Okla., and Pheasant Ridge Retirement Residence in Roanoke, Va. for $42.4 million, in a four-property transaction that also included the sale of Eagle Lake Village in Susanville, Ca. 

An undisclosed buyer acquired the four properties from Sunwest Legacy Assets for a total of $49.9 million. The four properties will be leased to Milestone Retirement Communities, which had already partially owned the Eagle Lake Village community prior to the transaction. 

  • Caley Ridge is a three-story, 100-unit assisted living facility with 80 studio apartments and 20 one-bedroom units, and capacity for 106 residents. At time of sale, it was about 97% occupied. 
  • The Mansion at Waterford is a three-story assisted living and memory care facility with 102 assisted living units and 19 memory care units. At time of sale, it was approximately 91% occupied.
  • Pheasant Ridge Retirement Residence is a three-story, 93-unit assisted living and memory care facility with 54 studio apartments, 29 one-bedroom and 10 two-bedroom units. At time of sale, the community was approximately 86% occupied. 

In another transaction, Firestone and Gehl brokered the sale of Tranquility at Fredericktowne, a 74-unit assisted living facility located in Frederick, Md. A local private investment/development group sold the community to Capital Health Group for $12.7 million. Tranquility at Fredericktown is a three-story building with 45 studio apartments, 20 one-bedroom and 25 two-bedroom units, and was about 95% occupied at time of sale. 

Gehl, along with a Marcus & Millichap multi-family agent, Matthew Whiteside, also brokered the sale of Alta Mira, a senior housing apartment complex located in Menomonee Falls, Wisc. A local apartment investor sold the 128-unit property to Holiday Retirement for $15 million. 

Written by Alyssa Gerace


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