Real estate investment firm Lloyd Jones just announced its fourth seniors housing acquisition of the year, so far, with the purchase of a Hamilton Heights in West Hartford, Connecticut. Built as a Roman Catholic boarding school for girls in 1905, the property was adapted into an independent living, assisted living, and memory care community in 1997. The property features a Georgian revival facade with four and five stories that stretch over ten acres, comprising 113 total units. It was also recently renovated and shows well.
The property has sold several times over the years, falling into the hands of Ventas and Atria Senior Living for a number of years until December 2021, when they decided to sell it as part of a six-property portfolio deal. Earlier in 2022, we learned that Ventas had sold the six properties to Peregrine Senior Living and an affiliate of Sculptor Real Estate. There are four properties in upstate New York, one in Salisbury, Maryland, and this property in West Hartford. Operational performance for the portfolio was not disclosed, but there was significant room for improvement on the occupancy front.
Hamilton Heights was deemed to be a geographic outlier by Sculptor and Peregrine and slated for sale. That was when Blueprint Healthcare Real Estate Advisors’ Brooks Blackmon, Kyle Hallion and Steve Thomes were brought in to market the community and find an acquirer. Blueprint solicited initial bids from nine prospective buyers within the first month of marketing before Lloyd Jones was selected.
Going forward, Hamilton Heights will operate under the company’s AVIVA brand and undergo an extensive capital renovation strategy that includes refreshing the surrounding landscape, restyling furnishings throughout the common areas, and implementing a new technology package. It will join three other new AVIVA communities that Lloyd Jones has added this year: AVIVA Woodlands in Lincoln, Nebraska, AVIVA River Bend in Rochester, Minnesota, and AVIVA Maybelle Carter in Nashville, Tennessee. No purchase price was disclosed.
