Ventas expanded its portfolio through a recent acquisition of a seniors housing community in Washington State. Built in 2003, MorningStar at Silver Lake is in Everett, Washington, with 113 independent living and 35 assisted living units. The in-place operator will continue to manage the community going forward. MorningStar Senior Living has been operating the community since 2021, coming into a community that was struggling with census at the time. Today, it maintains nearly full occupancy.
It is unclear who the current seller was, but according to LevinPro LTC’s deal database, Artemis Real Estate Partners acquired the community in 2018 for $50.5 million, or $341,000 per unit, at a 6.2% cap rate. Occupancy was strong at 95% as of the 2018 deal, and the community operated at a 45% EBITDAR margin. Back then, Artegan was hired to operate the community, and Artemis financed the deal with a $33.15 million loan through Freddie Mac with a seven-year term.
