Detroit—Cushman & Wakefield announced it has negotiated the sale of a three-property, 371-unit Michigan senior housing portfolio. Located in suburban Detroit, the properties comprise Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby.
The portfolio was purchased by an affiliate of Chicago-based equity firm Green Courte Partners LLC. Cushman & Wakefield’s San Diego team, led by Davis Rothschild, executive managing director, and Tampa team, led by Allen McMurtry represented the institutional seller in the disposition.
“After enjoying many years of exceptionally strong occupancy, the sellers decided it was time to take advantage of favorable market conditions to sell,” McMurtry told Multi-Housing News. “The buyers, who are focused on acquiring independent living, found the combination of strong performance, first class management, and quality locations and building equally attractive.”
Located at 36333 Garfield Road in Clinton Township, Pine Ridge of Garfield is a 117-unit community built in 2006 on 5.6 acres of land. The two-story building is about 118,000 square feet. Located at 8350 Plumbrook Road in Sterling Heights, Pine Ridge of Plumbrook is comprised of 118-units built in 2004 on 15.4 acres. The two-story building includes about 111,000 square feet of space. Located at 4200 West Utica Road in Shelby Township, Pine Ridge Villas of Shelby offers 136-units built in 1987 on 5.5 acres of land. The largest of the three properties, the four-story building includes about 124,ooo square feet.
This is Green Courte’s third acquisition in senior housing and its portfolio totals five communities with 765 units. They have retained the in-place manager, an affiliate of Spectrum Retirement Communities LLC to manage the properties.
Images Courtesy of Cushman & Wakefield