Chicago-based real estate investor Oxford Capital Group, in a joint venture with funds managed by affiliates of Fortress Investment Group, announced the acquisition of three seniors housing properties in Sequim, Washington for a purchase price of $54 million or $209,302 per unit. Evans Senior Investments handled this transaction.
Comprising 256 total units, the properties all reside on one campus and were built between 1974 and 2007. Prior to the pandemic, the portfolio was 91% occupied and producing $3.5 million in annual net operating income, but at the time of closing occupancy dropped to around 85%.
Previously owned by an independent family operator, The Sherwood Portfolio will receive over $8 million in building renovations and an expansion of the portfolio’s assisted living and memory care offerings. Oxford’s senior housing management affiliate, Oxford Living US LLC, will manage the properties.
