Clarion Partners made its first seniors housing acquisition, buying Sancerre at Atlee Station in Mechanicsville, Virginia (Richmond MSA). Built in 2023, the community features 103 units of independent living, assisted living and memory care. It experienced a rapid lease-up, reaching 90% occupancy by October 2024. Census is now in the mid-90s, and the operating margin is between 35% and 40%.
The seller was NexCore Group and its in-house operating arm Experience Senior Living. NexCore has 19 seniors housing communities currently open or in the process of opening, and it has an active pipeline of development opportunities. Conversely, Clarion is looking for more acquisition opportunities in the seniors housing sector, so there could be future deals in the works between the two firms.
The sale was facilitated by BWE Investment Sales, an affiliate of BWE, a national commercial and multifamily mortgage banking company. Charley Bissell, Senior Vice President at BWE Investment Sales, Tony Hong, Vice President, and Ryan Stoll, National Director of Seniors Housing and Care at BWE, exclusively represented the sellers.
Prior to this deal, Clarion had previously purchased a handful of active adult communities, including Avenida Cool Springs in Franklin, Tennessee, in November 2021 and Everleigh Halcyon in Alpharetta, Georgia, in February 2022, according to LevinPro LTC.
