Delaware Senior Housing Community Sells for $45M
Harbor Retirement Associates will continue to operate the property.
HarborChase of Wilmington, a luxury 96-unit assisted living and memory care community in Wilmington, Del., has sold for $45 million. Open since 2018, the Class A property consists of 64 assisted living units in one- and two-bedroom layouts and 32 memory care units.
JLL Capital Markets arranged the deal and represented the seller, a private equity firm. Harbor Retirement Associates, a regional senior living development and management company based in Vero Beach, Fla., will continue to manage the community for the buyer, a publicly traded REIT. JLL declined to identify both parties in the transaction.
Located at 2004 Shipley Road, HarborChase of Wilmington achieves market-leading rent and occupancy and is 100 percent private pay. It is one of the newest senior housing communities both in its primary market and the state of Delaware. The units, some of the largest in the market, have luxury finishes. The property is known for its hospitality program, high-quality food and beverage services and activities for its residents. Amenities include three dining rooms, a private dining area, a fitness and yoga studio, outdoor patios, courtyards and walking trails. The community also offers concierge and housekeeping services, and daily transportation.
HRA currently operates 20 properties in eight states and is partnering on the renovation or construction of additional communities. In July 2021, HRA teamed with Confluent Senior Living to develop HarborChase at Shaker Heights, a 108-unit senior living community in Shaker Heights, Ohio. The property, which has 80 assisted living units and 28 memory care units, opened in May 2023. HRA is managing the community, which was the first senior housing development to open in Shaker Heights within 20 years.
About JLL senior housing team
The JLL Senior Housing Capital Markets team for the Delaware deal was led by Senior Managing Directors Jay Wagner, Rick Swartz, Aaron Rosenzweig, Director Sam Dylag and Analysts Sean Kirk and Caroline McClelland. JLL Managing Director Blaise Fletcher also supported the sales team.
In January, the JLL Senior Housing Capital Markets team represented an affiliate of The Inland Real Estate Group of Companies to secure financing for the acquisition of three independent, assisted living and memory care communities in Minnesota.
The portfolio includes The Waters of Edina, an asset in Edina, Minn.; The Waters of Plymouth, a community in Plymouth, Minn., and The Waters on 50th located in southwest Minneapolis. Each of the properties had been developed within the past 10 years. After the sale, The Waters Senior Living continued as the property manager of the three communities.
