HFF Closes Birmingham Senior Housing Sale
- May 02, 2017
Danberry at Inverness, a 232-unit senior housing community in the Birmingham, Ala., suburb of Hoover, has been sold. HFF marketed the property on behalf of a joint venture between a private equity seller and LCS, and procured the buyer, a JV between LCS and an affiliate of Artemis Real Estate Partners.
Danberry at Inverness includes 160 independent living units, 48 assisted living units and 24 memory-care units. The memory care units are relatively recent additions: the property received a certificate of need to replace 24 assisted living beds with a specialized memory care unit only in 2015.
The property includes a grand lobby, 24-hour concierge service, dining room, fitness center, solarium, library with fireplace, lounge/clubroom and business center. Other common amenities include a heated swimming pool and hot tub, barber shop and full-service salon.
The property’s location at 235 Inverness Center Drive places it near Birmingham’s “80-Corridor,” which is among the fastest-growing business corridors in the Southeast. For its part, the Hoover area has experienced a 48.1 percent growth in population in the past decade, with an average household income now over $111,000.
Life Care Services, a subsidiary of LCS, will continue to manage and operate the property. In addition to brokering the sale, HFF worked on the new owner’s behalf to secure a seven-year, floating-rate acquisition loan through Freddie Mac’s CME Program. The securitized loans will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.