Inland Acquires Senior Housing Portfolio
The communities are located across three states.
Inland Real Estate Group has acquired a three-property portfolio of senior housing communities spread across three states. The communities, sold by Harrison Street, are: Clarendale of St. Peters in the northwest St. Louis suburb of St. Peters, Mo.; Clarendale of Chandler in the southeast Phoenix suburb of Chandler, Ariz.; and Clarendale at Indian Lake, located in the northern Nashville suburb of Hendersonville, Tenn.
In a joint venture with Ryan Cos. and Life Care Services, Harrison Street served as the developer of the three high-end senior living properties. In total, the trio of properties feature 635 units. Residences are 92 percent leased.
Neighborhoods nearby
Situated at 10 Dubray Dr., Clarendale of St. Peters offers units ranging from studios to two-bedrooms and stand-alone villas. The property is proximate to restaurants, pharmacies, houses of worship and a large supermarket. Mid-Rivers Mall is one mile away and the Barnes-Jewish St. Peters Hospital and medical clinics are within three miles.
Located at 5900 South Gilbert Rd., Clarendale of Chandler offers one- and two-bedroom residences as well as villas. The property is nearby pharmacies, restaurants and a number of parks and recreation settings, including Veterans Oasis Park, Lone Tree Golf Club, Bear Creek Golf Complex and the Sunbird Golf Resort.
Situated at 195 Indian Lake Blvd., Clarendale at Indian Lake features studios to two-bedroom apartments. The property is near stores, restaurants and houses of worship. It is proximate to Shutes Branch Recreation Area and Drakes Creek Park.
Senior housing activity
A recent quarterly senior housing report found that the sector is benefitting from strong fundamentals. In the third quarter of this year, occupancy rates climbed up to 86.5 percent, marking the 13th consecutive quarter of improvement. Also for the 13th consecutive quarter, absorption outpaced inventory growth, pushing occupancy increases even further.
This week another senior housing portfolio also traded. Bow River Capital sold two 100 percent-private-pay communities in Colorado for $30 million. Together, The Lodge at Greeley and The Lodge at Grand Junction total 140 units.
