Oxford Capital Group and Fortress Investment Group announced their joint venture acquisition of the Sherwood Portfolio, a group of three seniors housing communities in Sequim, Washington, and we recently learned that CBRE National Senior Housing arranged the acquisition financing for the deal. Aron Will and Matthew Kuronen originated a four-year, floating-rate loan through a regional bank.
Comprising 256 total units, the properties all reside on one campus and were built between 1974 and 2007. Prior to the pandemic, the portfolio was 91% occupied and producing $3.5 million in annual net operating income, but at the time of closing occupancy dropped to around 85%.
Previously owned by an independent family operator, the Sherwood Portfolio will receive over $8 million in building renovations and an expansion of the portfolio’s assisted living and memory care offerings. Oxford’s senior housing management affiliate, Oxford Living US LLC, will manage the properties. Evans Senior Investments handled the acquisition, which came at a price of $54 million, or $209,300 per unit.
