Haven Senior Investments facilitated a transaction between a national REIT and a real estate development firm based in Boston, Massachusetts. The seller, Summit Healthcare REIT, divested a seniors housing community in Littleton, New Hampshire, The Village at Riverglen. Built in 2002, The Village at Riverglen features 60 beds across 50 independent living and assisted living units, and will be rebranded as Riverglen House. The buyer, Cougar Capital Management, paid $8 million, or $160,000 per unit, and will bring on Willow Ridge Senior Living to manage the community going forward.
According to LevinPro LTC, Summit Healthcare acquired the community in 2015 for $8.5 million, or $170,000 per bed. The property was leased to an affiliate of Riverglen House of Littleton LLC pursuant to a 15-year triple net lease. Blueprint handled the 2015 transaction.
