Chicago Investor Buys First Senior Housing Property in Richmond
- Nov 25, 2015
CBRE National Senior Housing has arranged the sale and acquisition financing for Verena at Virginia Center, a 118-unit independent senior living community located in Glen Allen, in the Richmond metro area.
CBRE secured the $18.4 million, fixed rate loan through its Freddie Mac Seller Servicer direct lending program. The financing includes a 10-year term with 60 months of interest-only payments.
Lisa Widmier and Matthew Whitlock, executive vice presidents of CBRE National Senior Housing, along with Andy Boyer, executive vice president of the company’s Multifamily Investment Properties department, represented the seller, First Centrum. Aron Will, executive vice president of CBRE National Senior Housing arranged the acquisition financing on behalf of the buyer, a fund sponsored by Chicago-based real estate private equity group Green Courte Partners.
Located at 10286 Brook Road, the community offers seniors living options ranging from one-and two-bedroom floor plans, including several units with den balcony or patio. The apartments are furnished with full kitchen, upgraded appliances, granite countertops, 9-foot ceilings, walk-in closets and full-size washers and dryers.
While the buyer has experience in owning and operating age-restricted housing (55+ land-lease communities), this transaction marks its first investment in a senior housing property. GCP entrusted an affiliate of Senior Lifestyle Corporation to manage the asset. SLC owns and operates more than 200 communities totaling in excess of 20,300 units. The family-owned, private company has experience in serving seniors’ needs in the areas of independent living, assisted living, memory care and skilled nursing.
Photo credit: Senior Lifestyle