A joint venture between Foundry Commercial and Fundamental Advisors has purchased The Piper, a 120-unit assisted living and memory care facility in Kansa City. FSL Senior Living Ventures— a recently formed property management platform of Foundry Commercial and Foster Senior Living—will operate the asset.
Fundamental Advisors and Scribner Capital contributed joint venture equity for the transaction. Ziegler’s Dan Revie and Tedd Van Gorden worked on behalf of the seller. The acquisition included a vacant adjacent site, where the new ownership is planning to erect independent living cottages.
Developed by a partnership between PAR Development, Clarkson Construction Co. and Action Pact, The Piper opened its doors in mid-2015, as reported by Wyandotte Daily. The 100,000-square-foot community offers 60 assisted living, 40 memory care and 20 physician-directed units.
Located at 2300 N. 113th Terrace, 17 miles west of central Kansas City, the property sits near Legend Outlets. The junction of interstates 435 and 70 is 3 miles away.
The Piper provides senior care in six independent “households,” a concept developed by Action Pact. Each module comprises 20 private apartments. Community amenities include parlors, living rooms and kitchens with bistros.
The pandemic has greatly affected the senior housing market, especially the skilled nursing sector. In a recent interview with Multi-Housing News, Standard Cos.’ Co-Founder & Principal Jeffrey Jaeger shared his takeaways from 2020 and his outlook for the upcoming year.