English Meadows Senior Living, a Mid-Atlantic owner/operator of 11 communities, added another community to its Virginia portfolio with the purchase of White Oaks at Williamsburg. Built in 2015 and opened in early 2017, the 48-unit memory care community is located in Williamsburg. It features three buildings with 16 units in each. Phoenix, Arizona-based New Dawn Assisted Living was the original developer of this property (plus another in Richmond) but filed for bankruptcy protection before finishing either project.
A private investor with a seniors housing portfolio in the Midwest had purchased the Williamsburg project in 2016 for $7.5 million and finished construction soon afterward. However, since then, the investor deemed the community to be non-core and decided to sell. The community was also not stabilized, which could have been another motivating factor. Michael Turkiewicz and Andy Hilding of Marcus & Millichap’s Institutional Property Advisors division represented both the seller and English Meadows in the transaction.
