Local Operator Buys Washington Seniors Housing Community
Coventry House, a 64-unit seniors housing community in Othello, WA, was acquired by a Washington-based owner-operator with more than 10 seniors housing communities in an all-cash deal. The price was not disclosed.
Built in 2003, the 50,456 sf property sits on 3.85 acres at 430 N. Second Ave., near Othello Community Hospital, Lions Park and downtown Othello. The property consists of 48 assisted living units and 16 independent living cottage units. It includes assisted living accommodations and independent living cottages with one- and two-bedroom floor plans, full kitchens and garages.
Michael Mooney, Nick Stahler, Chad Mundy and Joel Deis with Marcus & Millichap represented the seller, a longtime owner-operator preparing for retirement.
“This transaction provided the buyer with an opportunity to acquire an established seniors housing community with potential for occupancy growth,” said Mooney, director investments. “As the only assisted living community within a 20-mile radius, Coventry House serves an important role in the Othello area.”
Other News
Kennedy Wilson, Shimuzu Ink $90M Loan for Sandy Springs Rental Venture
Kennedy Wilson broke ground on Caldwell, a new multifamily community in Sandy Springs, GA. Kennedy Wilson is linking up with the Shimizu Corporation on the project. The community was financed through a $90 million construction loan from Santander Bank. The project is slated to cost $139 million. Caldwell is anticipated to open in mid-2028. Caldwell will feature 382 apartment homes averaging 937 square feet. The community will offer over 17,500...
Learn more
JLL Arranges $104M Financing for Uptown Multifamily Portfolio
JLL Capital Markets arranged $104 million in refinancing for a 233-unit multifamily portfolio comprising Renoir House at 225 E. 63rd St. on Manhattan’s Upper East Side and 120-125 Riverside Dr. on the Upper West Side. Senior managing director Scott Aiese, managing directors Lauren Kaufman and Hall Oster and director Alex Staikos represented AYA New York...
Learn more
Mayor Wu Proposes Inclusionary Zoning Changes to Ease Developers’ Financial Burden
Boston Mayor Michelle Wu on Tuesday announced proposed changes to Boston’s Inclusionary Zoning (IZ) and Linkage policies aimed at helping new housing and commercial development move forward amid challenging economic conditions. The changes are intended to help some residential developments move forward while continuing to raise revenue for city-supported affordable housing projects. The city is proposing...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout