One of the largest seniors housing portfolio deals of the year just closed, also for one of the highest per-unit prices we have seen for the sector. And among portfolios, it was the highest publicly reported per-unit price we have seen in a couple of years.
The deal comprised The Clarendale Portfolio, which features three seniors housing communities with 635 independent living, assisted living and memory care units. The average age of the portfolio was five years, and the buildings were spread out in Arizona (Clarendale of Chandler), Missouri (Clarendale of St. Peters) and Tennessee (Clarendale at Indian Lake). Harrison Street Real Estate Capital, Ryan Companies and LCS previously owned and developed the portfolio.
Newmark arranged the sale of the portfolio for $253 million, or $398,400 per unit, and secured 10-year acquisition financing from two banks for the buyer, The Inland Real Estate Group of Companies, which also previously purchased Clarendale of Algonquin in April 2023 for $63 million, or $338,700 per unit.
Earlier this month, Inland also acquired two seniors housing communities in the Twin Cities area of Minnesota. That included Kingsley Shores Senior Living Apartments and Savage Senior Living at Fen Pointe.
The Newmark team included Ryan Maconachy, Chad Lavender, Ben McElroy and Mills Poynor representing the seller parties in the sales effort and Sarah Anderson secured the acquisition financing for the buyer.
