Cushman & Wakefield Sells $89M Senior Housing Portfolio in Virginia, Maryland
Cushman & Wakefield announced that the real estate services firm has arranged the $89 million sale of a two-asset senior housing portfolio totaling 130 units.
The institutional-quality portfolio consists of two assisted living and memory care communities, including The Residence at Colvin Run in Great Falls, Virginia and Queenstown Landing in Queenstown, Maryland. The facilities were built in 2022 and 2021, respectively, and the portfolio was 94% occupied at closing.
Buvermo Investments, SHA Capital, Verity Commercial and INDIE sold the portfolio to LTC Properties, Inc. for $89 million, with IntegraCare retained as operator. The Cushman & Wakefield Senior Housing Capital Markets group, led by Vice Chair Joshua Jandris, Vice Chair Brett Gardner, Director Robert Bracci and Senior Financial Analyst Evan Jakobsze, advised the sellers on the transaction.
“This transaction reflects the continued demand for modern, high-quality seniors housing assets in tight markets with strong demographic fundamentals,” said Jandris. “The portfolio’s occupancy rate and recent construction make it a compelling investment opportunity, establishing LTC Properties’ presence in two extremely attractive submarkets.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout