Newmark announced the sale of a seniors housing portfolio featuring assets spread across three states. Dubbed Project Stone, the four-community portfolio includes Class-A communities at irreplaceable locations in strong Ohio, Kentucky and Missouri submarkets. Together, they comprise 460 independent living, assisted living and memory care units.
The communities had positive leasing and operating margin trends, as well as strong recent rental and care increases. The portfolio was being offered at a discount to replacement cost, but the purchase price was not disclosed.
