A new seniors housing community traded in the Denver, Colorado MSA, with the help of the team at Newmark. Developed in 2017, MorningStar at RidgeGate is located in the suburb of Lone Tree within the Ridgegate master plan that features retail, cultural amenities and a 284-bed hospital nearby. The property comprises five stories over subterranean parking and has 224 total units: 124 independent living, 71 assisted living and 29 memory care.
It was historically well occupied, averaging above 93% since 2020. And there was attractive in-place debt on the property, which certainly helps to entice investors (and boost the purchase price). Considering the property vintage, quality and performance, we believe the purchase price was one of the highest closed in 2024, so far, on a per-unit basis, surpassing $550,000 per unit.
