Newmark closed a couple of assisted living sales so far in the month of September. First, a 92-unit community in St. Simons Island, Georgia, sold to an undisclosed buyer. Featuring 68 assisted living and 24 memory care units, with 80,000 total square feet, the community was developed on a 1.7-acre site with the former Island Design and Architectural Center building converted into seniors housing space as part of the project. Thrive Development Partners developed it, with Thrive Senior Living as the operator. No purchase price was disclosed.
The Newmark team also closed the sale of Orchard at Athens, an 85-unit assisted living/memory care community in Athens, Georgia. It recently opened with 45 AL and 40 MC units ranging in size from 400-square foot studios to 1,000-square foot penthouses. Amenities include multiple dining venues, a juice bar, cocktail lounge, sweet shop, movie theater and art studio. The deal closed this month with no other details disclosed.
