Rick Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield represented Barberry Homes in their sale of two entitled seniors housing sites in Massachusetts. One site in Natick will consist of 86 assisted living and memory care units on 5.53 acres, while the other in Millis will feature 105 independent living, assisted living and memory care units on 7.697 acres.
The sales price came to $14,550,000, or just over $76,000 per unit that will be built. That is a relatively high price, but they are both located in the Boston suburbs where land values are high the entitlement process can be tough.
As originally proposed, the Natick building will have 95,180 square feet and 18 studios, 58 one-bedrooms and 10 two-bedrooms. The Cushman team also placed the construction debt for the two properties with two regional banks.
The buyer is Anthology Senior Living, and these will be it first developments in Massachusetts. They operate, or have under development and construction, about 40 communities in 11 states, including two in nearby Connecticut.
