September 7, 2018, Steve Monroe, Senior Care Investor - We just recorded the highest-priced single-asset seniors housing sale in the state of Oregon, in a transaction handled by Blueprint Healthcare Real Estate Advisors’ Dan Mahoney, Jacob Gehl and Blake Bozett. The target is located in Portland and was originally developed in 1992 by the current seller.
Also renovated in 2000, the community features 286 units of independent living, assisted living and memory care. Integral Senior Living has managed it since 2011, and managed it well, apparently, as it was 94% occupied with a 100% private pay census. We have also estimated it operated at a roughly 45% margin on approximately $13 million of in-place revenues.
Strategic Student & Senior Housing Trust, a public, non-traded REIT sponsored by SmartStop Asset Management, acquired the community for the record-high $92 million, or $321,700 per unit, with an approximate 6.4% cap rate. The REIT will keep Integral Senior Living as the operator and will also commence a 23-unit memory care unit expansion this Fall.