Senior Housing Portfolio in Suburban Detroit Lands New Owner
- Nov 06, 2016
Detroit—Cushman & Wakefield closed the sale of Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby, three senior housing properties in suburban Detroit comprising a total of 371 units. The portfolio was acquired by an affiliate of Chicago-based private equity firm Green Courte Partners LLC.
Pine Ridge of Garfield was completed in 2006 and is located at 36333 Garfield Rd. in Clinton Township on a 5.6-acre site. The two-story structure includes 117 units totaling more than 118,000 square feet. Pine Ridge of Plumbrook is situated at 8350 Plumbrook Rd. in Sterling Heights, on a 15.4-acre lot and was constructed in 2004. The 118-unit, two-story building offers roughly 111,000 square feet of space.
The four-story, 136-unit Pine Ridge Villas of Shelby is located on a 5.5-acre parcel at 4200 W. Utica Rd. in Shelby Township. The community totals more than 124,000 square feet. The occupancy exceeded 95 percent at the time of sale. Green Courte decided to maintain the in-place manager to administer the properties.
This was the buyer’s third purchase of an age-restricted community since November 2015, when the company started building a senior housing portfolio now counting five properties, a total of 764 units.
Cushman & Wakefield’s Tampa team, led by Executive Managing Director Allen McMurtry, and San Diego team, led by Executive Managing Director David Rothschild, represented the institutional seller in the transaction.