Invesque Inc. divested a number of non-core assets in the seniors housing and medical office building sectors, including its interest in two active adult communities in Wheatfield, New York (Buffalo MSA). Originally acquired in 2018 as part of Invesque’s acquisition of Care Investment Trust, the communities were operated by Calamar (which is based in Wheatfield) under a joint venture structure. They were both built in the late-2000s.
The purchase price comes to approximately $29.3 million, or $145,000 per unit, with a cap rate of 5.7% based on trailing NOI. Invesque received net cash proceeds of $10 million at closing, which it plans to use to de-lever and simplify its balance sheet.
