CBRE sold another First Centrum independent living community in Virginia, a couple of years after selling the developer’s 118-unit Glen Allen (Richmond MSA) community for $25.88 million, or $219,280 per unit. The latest deal featured a 120-unit community in Williamsburg. Built in 2010 by First Centrum, it features a range of unit options, from 660- to 940-square foot one bedroom units to 880- to 1,267-SF two-bedroom suites. Current asking rents start at around $2,200 for the one-bedrooms and go up to about $2,900 for two bedrooms. Operations were strong, with a near-50% margin, and it was well-occupied, at 94%, which was certainly helped by the property’s location near historic Colonial Williamsburg, shopping, dining and medical services.
In a process led by Lisa Widmier and Ross Sanders of CBRE, the community sold for $24 million, or $200,000 per unit, with a 7.5% cap rate. Aron Will also arranged an $18.2 million 10-year, fixed-rate Freddie Mac loan, with 66 months of interest only, on behalf of the buyer to finance the deal. Like the Glen Allen deal, a fund sponsored by Chicago-based Green Courte Partners was the buyer, and will bring on Solvere Senior Living to third-party manage. It marks the sixth seniors housing investment for Green Courte, which now owns a portfolio containing nearly 900 units.