Cushman & Wakefield served as exclusive advisor to Rood Investments, LLC to sell the company’s three seniors housing communities in Vancouver, Washington. Totaling 703 units, the portfolio comprises two large senior living campuses and one 83-unit active adult community called The Lofts at Glenwood that opened in 2017. The 325-unit Glenwood Place was originally built in 2001, and The Quarry opened in 2008 with 291 units. Both feature a mix of independent living, assisted living and memory care units. Rood Investments is an owner/developer that also self-managed these communities.
Operations were strong, despite a pandemic drop in census. Occupancy has since rebounded to the 80s during the marketing period, so the community seemed to track the rest of the industry. Welltower was the buyer, paying $244 million, or $347,100 per unit. Cogir took over operations under a RIDEA 3.0 contract. The two parties will own the portfolio in a 90-10 joint venture.
Last week, Welltower also revealed that it expanded its relationship with the Canadian operator through the acquisition of eight seniors housing communities for a purchase price of $389 million. The REIT also entered into a forward purchase agreement to acquire an additional community currently under development.
Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller in the transaction.
