Chiron to Pay $425M for Beltway Senior Housing Assets
Silverstone Senior Living developed the luxury communities.
Chiron Real Estate has entered into an agreement to buy three Washington, D.C.-area luxury senior communities from Silverstone Senior Living for $425 million. Silverstone will continue to be part of the operations, while Greystone will remain in charge of management.
Two of the assets, The Landing and The Riviera in Alexandria, Va., will change hands for a combined $249 million in a transaction that will close in June. The third one, The Pinnacle in North Bethesda, Md., is set to trade for $176 million, with closing expected in October.
The Alexandria properties are within a 7-mile radius from downtown Washington, D.C., while the Maryland property is 17 miles north.
The Landing and The Riviera, up close
Located at 2620 Main Line Blvd., the 163-unit Landing came online in 2022, featuring independent living, assisted living and memory care homes. The unit mix comprises studio, one- and two-bedroom floorplans ranging from 357 to 1,557 square feet. The property was 90 percent occupied as of last month.
The Riviera opened this March at 2700 Main Line Blvd., comprising 129 one- and two-bedroom independent living apartments. Sizes are between 673 and 1,417 square feet. As of April, the Riviera was approximately 20 percent occupied.
Both LEED-certified properties are pet-friendly and wheelchair-accessible. Amenities include restaurants, outdoor terraces, movement centers, beauty and barber salons and community theaters, in line with current senior living trends.
Chiron Real Estate intends to operate the two communities, located within walking distance of one another, as a unified campus. They are near Kaiser Permanente Alexandria Medical Center and Inova Health Center Oakville.
Zooming in on The Pinnacle
The Pinnacle is underway at 11555 Old Georgetown Road and expected to come online this fall. Upon delivery, the 175-unit community will include independent living, assisted living and memory care homes alongside ground-floor retail. Floorplans will range from 375 to 1,651 square feet.
A pet-friendly and wheelchair-accessible community, The Pinnacle will feature dining venues, outdoor terraces, salon and spa, community theater, game rooms and an art studio. Located within walking distance of Better Health Medical Center, the property was 30 percent preleased as of April.
