A publicly traded REIT divested two of its seniors housing assets in upstate New York, hiring Mike Garbers and Cody Tremper of Greystone Real Estate Advisors to facilitate the transaction. Located in the towns of Clifton Park (Albany MSA) and Orchard Park (Buffalo MSA), the communities each feature 46 memory care units on roughly five acres. The twin properties were also both built in 1998.
Operated by Peregrine Senior Living (which will stay on as operator after the acquisition), they reported strong occupancy, combining for about 94%. A private equity firm paid $17 million, $184,800 per unit, for the pair.
