McMinnville, Ore.-based senior living operator The Springs Living recently acquired a four-property portfolio in the Portland area from Grayco LLC for $65 million.
The Springs Living partnered with Harrison Street Real Estate Capital LLC, a Chicago-based private equity firm, to purchase the properties and used $56 million in financing arranged by Holliday Fenoglio Fowler LP, also based in Chicago. The loan is being used to acquire, reposition, and renovate the portfolio.
The four properties are about 86% occupied and have a total of 419 units, bringing The Springs Living’s total number of units to about 1,200. The new acquisitions are:
- Carman Oaks, 174 units, Lake Oswego, Ore.
- Cedar Creek, 58 units, Sherwood, Ore.
- The Wilsonville, 95 units, Wilsonville, Ore.
- Mill Creek Point, 92 units, The Dalles, Ore.
Chicago-based Marcus & Millichap brokered the deal.
The portfolio’s seller, Grayco, previously managed the properties, which will now be managed by The Springs Living. The communities offer independent living, assisted living, and memory care.
Written by Alyssa Gerace