Clarion Partners Makes First Senior Housing Acquisition
This investment is being used as the model for the buyer's future expansions in the market.
Clarion Partners has made its first acquisition in the senior housing market with Sancerre at Atlee Station, a 103-unit Class A community located in Mechanicsville, Va. This transaction also forged a partnership between Clarion and Experience Senior Living, a subsidiary of the community’s former owner, NexCore Group. A purchase price was not disclosed.
Experienced Senior Living currently manages and operates Sancerre, and will continue to serve its residents with full programming, events and personal care following the purchase.
BWE Investment Sales represented NexCore in the transaction with a team including Senior Vice President Charley Bissell, Vice President Tony Hong and National Director of Seniors Housing and Care Ryan Stoll.
Sizing up Sancerre
Originally built in 2023, the Class A community was able to reach 90 percent occupancy a year after opening. Clarion had been involved with Sancerre through its design and development stages, having been the on-site manager since its original lease-up, Julie Robinson, the firm’s managing director of healthcare told Multi-Housing News.
Sancerre offers independent, assisted and memory care living options across its studio to two-bedroom units. The community also 24-hour clinical staff, housekeeping and laundry services as well as shared community amenities including a theater room, fitness center, salon as well as a library and bocce ball court. Card playing spaces, a memory care garden, a custom grand piano as well as a private courtyard with walking trails are among its additional perks.
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Clarion was interested in an operations model that combines memory with resident care. “This is a similar format you will see us invest in moving forward, properties that have assisted living and care for residents as the anchor,” Robinson said. Clarion is looking to use this model as an example for similar acquisitions in the sector in the future.
Located at 9495 Atlee Rd, Mechanicsville, Va., Sancerre is approximately 11 miles outside of Richmond. Close to the property are a Kroger’s Marketplace, the Hanover Emergency Center and Hanover Family Physicians. The community is off I-295 and the Richmond International Airport is 16 miles away.
Other senior housing acquisitions
Senior housing continues to be a worthwhile multifamily investment prospect. Across the country, companies are looking to invest as occupancy grows while development and construction figures remain low.
In late August, A joint venture between Benchmark Senior Living and National Development purchased Church Hill Village, a 71-unit community located in Newtown, Conn. Around the same time, Venture Development Group purchased a 55-plus living community in Waite Park, Minn. The property was built on seven acres and includes 12 buildings with a mix of townhomes and cottages.
