Hamister Group Acquires Hartford Senior Housing Community

Buckingham Height Memory Care. Image courtesy of Cushman & Wakefield

Hamister Group has completed its purchase of Buckingham Heights Memory Care, a 46-unit senior living community located at 1824 Manchester Rd, in Glastonbury, Conn. Hamister acquired the property from seller and previous owner Longview Senior Housing, which was represented by a Cushman & Wakefield team. The property sold for an undisclosed amount.

Buckingham Heights opened in 2001 and occupies a single-story building that was completely renovated in 2021. The community was fully occupied at the time of purchase. The property is centered around a “Main Street” style lobby, which includes communal spaces, a beauty salon and a discovery room. The lobby branches off into 23-unit sections, which host their own communal dining and activity spaces, in addition to interior and exterior courtyards. Last year’s renovations replaced the community’s entire roof and sprinkler system, and upgraded all furniture, paint, carpeting and floor paneling. The community is located within 10 miles of downtown Hartford.

Hamister Group Chairman & CEO Daniel Hamister detailed the acquisition further, telling Multi-Housing News, “The acquisition of Buckingham Heights fits within our investment parameters as a cash flowing, senior housing asset that will be accretive to our portfolio. This particular property is 100 percent memory care focused, providing the necessary care and assistance tailored to those with memory impairment issues. Our goal is to continue to run this property to be the best memory care facility in Glastonbury by providing high quality care and customer service to its residents and families through the hard working people that care for our residents day in and day out.”

READ ALSO: Investors Upbeat on Senior Housing: JLL

The Cushman & Wakefield team was led by Vice Chairs Richard Swartz and Jay Wagner, Executive Director Aaron Rosenzweig, Senior Director James Dooley and Associate Jack Griffin.

Senior living’s strength

Overall, the nation’s senior housing market’s fundamentals have vastly improved, as pandemic-related hardships and restrictions lessen. Data from a second-quarter 2022 JLL report shows that 80 percent of survey respondents believe the industry had entered the worst of the pandemic. Nationwide occupancy rates and rent growth have trended upward since 2021, increasing by 61 percent and 2.5 percent, respectively, at that start of 2022, the report shows. Memory care facilities in particular represent nearly a third of the market’s construction pipeline, according to the same data.

Another recent senior housing transaction in the Hartford area is Lloyd Jones’ purchase of Hamilton Heights, a 113-unit historic senior housing community in West Hartford.