Goldman Sachs Asset Management has recently divested a tranche of seniors housing properties, including Atria at River Trail, an A-quality asset in Chicagoland. Justin Knapp and Nick Stahler of IPA-Marcus & Millichap handled the sale of River Trail. Located in Bolingbrook, the community features 128 units of independent living, assisted living and memory care. It was recently built (in 2018), stabilized and operated by Atria Senior Living.
After receiving several offers in the best and final round of bidding and selecting the buyer in December, the property was tied to the portfolio sale of eight assets in total located in Michigan, Pennsylvania and Virginia. That appears to be the deal that Newmark handled in December for seven assets and 931 total units. Also newly-constructed Class-A assets in desirable locations, these communities experienced positive leasing and operating margin trends, with strong rental rate increases. But they were marketed as a value-add opportunity. No other details were disclosed, but word on the street was that the portfolio was pricing in the $225 million range, or approximately $240,000 per unit. Considering the value-add nature and the quality of the assets, that pricing would seem right.
Pricing for Atria at River Trail was not disclosed. When the Newmark deal was announced, we guessed that by the size of the transaction, it must be a large, institutional investor.
