Confluent Senior Living announced the sale of three of its senior living communities in Iowa, Oregon and New Mexico, hiring CBRE to close the deal. All three communities were, and will continue to be, operated by MorningStar Senior Living. The West Des Moines, Iowa property opened in March 2018 with 85 assisted living and memory care units, and the Beaverton, Oregon (Portland MSA) property opened later that year in November with 104 AL and MC units. In January 2019, the Santa Fe, New Mexico community was completed with 85 AL/MC units. All three were still in lease-up, but with no change in operator, that should continue unabated.
Just last month, Confluent also sold its 66-unit assisted living/memory care community in Grand Junction, Colorado to Christian Living Communities, a Denver-based not-for-profit. The purchase price was not disclosed (although it was rumored to be near $300,000 per unit) and was financed with owner equity and tax-exempt bond financing.
But the developer has not merely been shrinking its portfolio lately. A few months ago, Confluent broke ground on a 113-unit senior living development in the greater Hartford, Connecticut market, with project partner Harbor Retirement Associates. Then, while Confluent sold its Beaverton, Oregon property, it is building another one in the Portland MSA in Happy Valley. MorningStar is the co-developer for the community, which will feature 61 assisted living and 26 memory care units.