Newmark has hit a rich vein of activity, announcing several closings in the last few days. First, the team sold three communities across the Greenville, South Carolina, area on behalf of Atlas Senior Living. The communities were built between 2014 and 2016 and totaled 306 units, including 108 independent living, 144 assisted living and 54 memory care units. Average occupancy was strong, above 95%, and the portfolio sold for more than $100 million, or above $327,000 per unit. Atlas Senior Living will continue its good work and manage the portfolio going forward.
According to LevinPro LTC, Atlas Senior Living acquired these communities in 2019 for $48.4 million, or $244,400 per unit, from Graycliff Capital Senior Housing, LLC. At the time, each community comprised 66 units with 48 assisted living and 18 memory care units, with room for expansion at all three. Occupancy averaged about 96%. One of the buildings was built in 2014 in Travelers Rest, another was built in 2015 in Simpsonville and the other was built in 2016 in Powdersville.
Newmark also sold an active adult community outside of Philadelphia. Built in 2012 and renovated in 2019, Siena Luxury Residences is in Cinnaminson, New Jersey, with 192 units. The asset attracted both traditional multifamily and seniors housing investors, and capital profiles across the spectrum. The ultimate buyer was not disclosed but acquired it for $64 million, or $333,300 per unit.
According to LevinPro LTC, Capitol Seniors Housing purchased the community in 2018 and brought on Cove Property Management as operator. At that time, there were 85 units. Capitol Seniors Housing completed renovations on the asset in 2019, adding a community clubhouse and a new apartment building. March Construction was the construction manager and Meyer Design, Inc. was the architect and interior designer. Capitol Seniors Housing and Cove Property Management both had the community listed on their websites.
There are other closings coming from Newmark, so stay tuned.
