The Newmark Seniors Housing team facilitated the sale and equity raise for two Class-A seniors housing communities in the Washington, D.C. metro area. They worked on behalf of the sellers, Harrison Street and Palomino Capital, a middle market investment bank.
Thrive Senior Living had developed the communities in the late-2010s to include 140 units, each. Built in 2019, Tribute at Melford comprises 104 assisted living and 36 memory care units in Bowie, Maryland. While Tribute at The Glen was built in 2017 with 96 assisted living and 44 memory care units in Woodbridge, Virginia. Cogir had taken over operations at both locations in recent years.
We heard that the properties were still in lease-up, which likely affected pricing. But no other details, including the identity of the buyer, were disclosed.
