JV Acquires Senior Housing in DC, NY
- Sep 02, 2016
Washington, DC—A joint venture between Blue Vista Capital Management LLC and Meridian Senior Living LLC has acquired two senior housing properties, one in Washington DC and the other in Yorktown Heights, NY. The buyer paid a total of $54.5 million for the properties, purchasing the communities free and clear of existing debt.
Chevy Chase House is located at 5420 Connecticut Avenue NW in DC. The community includes 131 independent living, assisted living and respite care units across a mix of studio, one- and two-bedroom floor plans averaging more than 600 square feet each.
The property is also close to various medical providers, including Sibley Memorial and Walter Reed National Military Medical Center. Neighborhood amenities include a Starbucks, the Avalon Theater, a public library and numerous restaurants.
Country House is located at 2000 Baldwin Road in the Westchester County community of Yorktown Heights, NY, also near a variety of medical providers. The property has 88 independent living, assisted living and respite care units as well as wellness amenities, including Wii bowling, yoga instruction and body movement classes.
HFF marketed the asset on behalf of the seller, Holladay Corp., a DC-based real estate developer and owner. Blue Vista, based in Chicago, invests across the real estate spectrum; Meridian Senior Living specializes in senior housing nationwide. The HFF team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender.