Grandbridge Real Estate Capital’s seniors housing sales team in the Tampa office closed on a portfolio of three newly-constructed senior living communities, known as the Woodland Terrace portfolio. The properties offer independent living, assisted living and memory care services in the Indianapolis, Indiana market area. They were developed, owned and operated by The Justus Companies, which is a well-established multifamily and residential building family business in the local market that has been in business for 100 years. The buyer a partnership between a “national investor” and Purpose First Partners, a venture between New Perspective Senior Living and Boldt Capital.
Two of the communities, located in Carmel and New Palestine, were completed in 2017-2018, while the third one in Danville was just completed. The Carmel property opened in 2017 and has 179 units, with blended occupancy in the low 80s with blended in-place rents of $5,100. The New Palestine community opened in 2017 and 2018 has 132 units, inclusive of 34 IL cottages, with blended occupancy in the low 90s (not too shabby) and blended average rate of $4,100. A seven-unit expansion is underway which will bring the total to 139 units. The Danville community was recently completed with 130 units, including 16 IL cottages, and a future expansion of 34 IL cottages will eventually bring the total units count to 164. Those 16 IL cottages were the first to be built and are already open and full.
No financial details were disclosed, but in Welltower’s recent announcement of several acquisitions, there was one that looked a lot like the Woodland Terrace portfolio with New Perspective as the new operator. The three-property deal included two-year old communities in the Midwest. Assuming it is the same transaction, it’s price was $119 million, or about $269,800 per completed unit.
Jay Jordan, Dave Kliewer and Allen McMurtry of Grandbridge Senior Housing represented the seller in the transaction.
