The Primrose Retirement Communities Portfolio consisting of four independent and assisted living communities has been sold to an undisclosed public REIT and a regional private equity group. The portfolio comprises 351 total units (199 IL and 152 AL) and is spread out across four states: Colorado (Pueblo), Indiana (Kokomo), Oklahoma (Stillwater) and Wyoming (Cheyenne).
Built between 2008 and 2013, the seller Primrose Senior Living decided to divest these assets with the intention of recapitalizing, paying off investors, and establishing a new capital relationship. Primrose remained as the portfolio’s operator as well. Each community maintained above-average occupancy levels throughout the pandemic and reported good financial performance, but no details were disclosed. Jeff Binder, Jason Punzel, and Ryan Saul of Senior Living Investment Brokerage handled the transaction, with Amy Berger serving as transaction coordinator (a difficult job with four states, multiple layers of diligence and third parties to coordinate on a tight schedule).
