Centric Development JV Sells Atlanta-Area Senior Housing Portfolio for $147M
The collection totals more than 600 units.
A joint venture between Centric Development and Sage Equities has sold the Brickmont Portfolio, a five-property collection of senior housing communities in northern Atlanta submarkets to an institutional investor. The properties traded for $147 million in an all-cash deal.
JLL’s National Seniors Housing Capital Markets team represented the joint venture selling the portfolio. The buyer was identified only as a publicly traded institutional investor. Claiborne Senior Living, the incumbent operator, has been retained to continue managing the properties.
Inside the trade
The Brickmont Portfolio has a total of 611 units and 701 beds of assisted living and memory care. They were developed by Centric Development between 2018 and 2022.
READ ALSO: Senior Housing Bounces Into Its Golden Years
The JLL team for the Atlanta-area portfolio sale was led by Senior Managing Directors Jay Wagner, Rick Swartz and Aaron Rosenzweig, Senior Director Tim Hosmer and Analyst Erik Von Hamm. The team received assistance from Senior Managing Directors Anthony Fertitta and Peter Yorck and Managing Director Joel Mendes.
The five properties include:
- Brickmont at Roswell, rebranded as The Claiborne at Roswell, a 120-unit, property located at 2560 Holcomb Bridge Road, in Alpharetta, Ga. The community was completed in 2022
- Brickmont at West Cobb, a 131-unit community rebranded as The Claiborne at West Cobb. The community is located at 2782 Dallas Highway, in Marietta, Ga. Centric opened the property in 2021
- Brickmont at Johns Creek, rebranded as The Claiborne at Johns Creek, located at 2285 Peachtree Parkway in Cumming, Ga. The 120-unit project was completed in 2020
- Brickmont at Acworth, a 120-unit project built in 2019 that was rebranded as The Claiborne at Acworth. It’s located at 3114 Cobb Parkway NW, in Acworth, Ga
- Brickmont at Woodstock, rebranded as The Claiborne at Woodstock. The 120-unit Woodstock, Ga. community was completed 2018
The communities offer companion, studio, one- and two-bedroom floorplans. Units include kitchenettes with granite countertops and stainless-steel appliances, 10-foot ceilings, hardwood-like flooring and full-sized closets.
Community amenities include restaurant-style and private dining, movie theaters, bistros and bars, art studios, game rooms and landscaped courtyards with fountains.
Senior housing sales surge
The portfolio transaction comes as senior housing sales are surging. The sector recorded approximately $33.3 billion in investment sales over the 12-month period ending May 31—up 83 percent year-over-year, according to MSCI Real Assets. It was the highest dollar volume for any rolling four-quarter period since the second quarter of 2015, JLL reported.
Demand continues to outpace supply in the sector as occupancy rises and the number of senior housing units under construction in the second quarter of 2026 declined approximately 15 percent year-over-year, according to NIC MAP data.
