Stellar Senior Living announced the close of its first joint venture with $20 million in capital commitments. Stellar’s partner is a large private equity firm, and the joint venture will provide funding to acquire 10 to 15 seniors housing communities over its term. The first acquisition under this new venture is The Grand at Broomfield Assisted Living & Memory Care, previously known as The Gallery at Broomfield, in Broomfield, Colorado. The Class-A community was built in 2023 and features 115 assisted living and memory care units.
Stellar has managed this community for the past couple of years, and is now also a minority owner. The community leased to 100% occupancy in the first seven months and has not dropped since then. The acquisition marks the first of many more acquisitions to come from the new capital raise.
