At a time when seniors housing values are still around a record-high (averaging nearly $200,000 per unit for assisted living and over $230,000 per unit for independent living in the four quarters ended September 30, 2016), a group of local operators in Pennsylvania is exiting the market. Of course, owning four recently built, well performing assets helps with capitalizing on value. Developed by the selling group, the Keystone Villa Portfolio is located across three campuses between Harrisburg and Philadelphia and features 509 total units. The Douglassville location was built in two phases in 2004 and 2008 as a 123-unit independent living community, but has since added in 2009 and 2013, 124 personal care/memory care units. Built in 2011, the 123-unit Fleetwood community features personal care and independent living. And in Ephrata, there is a 139-unit community with IL, AL and MC that had just stabilized by the transaction’s closing following its 2014 opening. The buyer, private equity firm Capital Health Group, will bring in Milestone Retirement Communities to manage the well occupied portfolio. Toby Siefert, Brad Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction.
The Keys to Success
