Mike Garbers and Cody Tremper of JLL represented Healthpeak Properties in the sale of an assisted living/memory care community in Kenmore, Washington. This one-off transaction included an 85-unit community that had been underperforming since the end of 2018. The property was also in need of some capex. Sunrise Senior Living previously operated the community, but day-to-day management will be taken over by the new owner, Pacifica Properties, which paid $4.5 million, or $52,900 per unit. There was no cap rate on the deal.
The JLL team was also involved in the sale of two seniors housing communities in Florida. Previously owned by Prime Care One, LLC, the communities both previously operated under the “HarborChase” brand. The Naples community consists of 117 units, including 93 assisted living units and 40 skilled nursing beds in 24 units. The Venice community features 126 total units, comprising 83 assisted living, 16 memory care and 27 skilled nursing units (40 SNF beds).
Since 2015, Prime Care One had invested more than $3.5 million to update generators, cooling towers, roofs and renovate other parts of the properties. In the end, Pointe Group Care, LLC paid $26.8 million, or $110,300 per unit. Messrs. Garbers and Tremper were joined by Associate Dean Ferris on the deal.