Newmark is in the middle of a banner year for both investment sales and debt financings, and both its deal volume and activity appears to be accelerating as the year progresses. In the year to date, the team has closed nearly $3.6 billion in investment sales, and $1.9 billion in the third quarter alone. Excluding the Amica Senior Lifestyles portfolio that Newmark is selling in Canada for over $3 billion, the team has also secured enough deals under agreement to nearly double its year-to-date volume.
There are some stabilized, Class-A deals at high per-unit prices, as well. One of those was the sale of Project Aurora, a three-property portfolio in New Jersey (2) and New York that was owned by Ventas and operated by Sunrise Senior Living. Averaging five years old, the New Jersey communities are located in Summit and Bridgewater, while the New York community is in Huntington, all in high-net-worth New York City suburbs. They feature 155 assisted living and 99 memory care units. Operations were solid, averaging high-80s occupancy and a 33% operating margin on more than $33 million of revenues. In fact, the portfolio averaged a 30%+ margin for the last 20 months and enacted 8% market rate and 7% in-place rent increases in January 2025. And we believe there is further opportunity to improve cash flow at a couple of the locations. Word on the street was that an alternative investment firm acquired the portfolio for approximately $165 million, or nearly $650,000 per unit. In addition, Newmark arranged 65% loan-to-cost financing from a lifeco to fund the deal.
The Newmark team closed the sale of two active adult communities in North Carolina on behalf of the joint venture, a partnership between Carlyle Group and Greystar. Built in 2021, Overture Chapel Hill has 184 units, while Overture Cary was built in 2020 in Morrisville with 189 units. Average rents ranged from $2,200 to $2,550 per month, and occupancy was in the mid- to high-90s. Principal Real Estate Investors acquired them for a combined $129.5 million, or $347,200 per unit. According to LevinPro LTC, Principal bought another Overture community in Austin, Texas, in December 2021 for $61 million, or $303,500 per unit. That was another Newmark deal.
There were a few single-asset sales from the Newmark team in the last month, as well. One asset in particular, The Pillars of Prospect Park, commanded a record high per-unit price for the state of Minnesota when it was sold to Ventas for a reported $140 million, or $494,700 per unit. Oppidan and Harrison Street developed the community in 2020 with 121 independent living, 62 assisted living and 54 memory care, plus 46 flex IL/AL units, with Ebenezer Senior Living operating it. In addition to high-end amenities, there are also University of Minnesota student-led activities offered on the campus. The community saw its operations significantly improve throughout 2024 and into 2025, with occupancy going from 80% to nearly 90%, and the operating margin improving from 33% to about 40% by the start of 2025. Included in the revenues was nearly $1.7 million of income from in-house child daycare services provided by the community. The cap rate was reportedly in the low 6.0% range.
The Delaney of Bridgewater, a 223-unit IL/AL/MC seniors housing community in Bridgewater, New Jersey, sold to The Inland Real Estate Group of Companies, a DST buyer, which acquired the asset for $144 million, or $645,700 per unit. Built in 2021 with 121 IL units, 55 AL units, 32 MC units and 15 IL villas, it was developed for more than $100 million. LCS will stay on to operate the community, which was occupied in the high-80s and generating a healthy margin. Newmark also arranged non-recourse bank debt with a seven-year term, a spread in the low-200s and at 60% LTC to fund the deal.
The Newmark team returned to Chevy Chase House, a 145-unit seniors housing community in Washington, D.C., that it had previously sold (while working at HFF) in 2016 to Blue Vista Capital Management and Meridian Senior Living. They found a new buyer in a local family office, Abod Capital Solutions, LLC. Built in 1929 and renovated in 1988 and extensively throughout the ownership period of Blue Vista and Meridian, the community was 73% occupied and operating near breakeven around the time of the sale. Meridian will continue operating it.
Finally, Newmark ran an auction of Harbison Shores, a 63-unit assisted living/memory care community in Irmo, South Carolina, near Columbia. Built in 2004, it was 92% occupied on average and generated between $500,000 and $750,000 of NOI. A joint venture between real estate investment firm Anvaya Investments and operator SRI Management (through its affiliate Impact Senior Living) acquired the community for $5.5 million, or $87,300 per unit. Stride Bank provided acquisition financing.
