DEAL OF THE DAY: Two Senior Housing Communities Sold for $43M
Marcus & Millichap Real Estate Investment Services has brokered the sale of two seniors housing residences.
Boston–Marcus & Millichap Real Estate Investment Services has brokered the sale of two seniors housing residences, the 90-unit Inn at Robbins Brook in Acton, Mass., and 104-unit Forge Hill Senior Living in Franklin, Mass. Both fetched a price of $43 million, or $221,650 per unit and approximately $300 per square foot.
The seller is an entity affiliated with Westport Capital Partners LLC, a real estate-focused institutional investment firm based in Westport, Conn. The buyer is a Boston-based real estate investment firm. Todd Tremblay, a senior associate in the firm’s Boston office, also provided representation.
Located approximately 24 miles northwest of Boston, the Inn at Robbins Brook is an upscale assisted-living residence. The property was constructed in 2000 on four acres of land. Forge Hill Senior Living is an upscale, independent and assisted-living community located on 3.98 acres approximately 43 miles southwest of the Greater Boston area.