Bluestone, Brentwood Pay $75M for Virginia Senior Housing
The new owners will implement a multimillion dollar capital improvement plan on the 950-unit property in Richmond.
A joint venture of The Bluestone Group and Brentwood Investment Group has purchased Imperial Plaza, a 950-unit, four-building senior housing property in Richmond, Va., for $75 million. According to Richmond BizSense, Dominion Partners was the seller, while Arbor Commercial Mortgage provided partial financing for the buyers.
Dominion picked up the asset that encompasses independent living, assisted living and memory care services, back in 2001, public records show. Located at 1717 Bellevue Ave. on 22 acres at the juncture of interstates 64, 95 and 195, the plot sits across the street from Bryan Park and 6 miles northwest of downtown Richmond.
The new ownership is set to implement a multimillion dollar capital improvement plan that revitalizes the outdated 1960s ensemble. Rebranded as Legacy at Imperial Village, the senior facility will cater to seniors 55 and over. Renovations will retouch the apartments and all common areas. The outdoor spaces will also be updated. Current amenities include a pharmacy, convenience store and auditorium.
Newmark’s Managing Director Ross Sanders brokered the deal for the seller. Last month, Sanders was part of the team securing acquisition financing for a partnership of Harrison Street Real Estate Capital and LCB Senior Living in the purchase of a 90-unit senior community in Watertown, Mass.