Strategic Student & Housing Trust Acquires $92M Portland Asset
- Sep 05, 2018
Strategic Student & Senior Housing Trust continues building its portfolio of senior housing assets with the acquisition of the 286-unit Courtyard at Mt. Tabor in Portland for $92 million. It’s the REIT’s fourth senior housing community since entering the sector in February.
Located at 6125 and 6323 SE Division St., Courtyard at Mt. Tabor is a continuum of care senior housing community with units for independent living, assisted living and memory care residents. It’s 94-percent occupied and 100-percent private pay. An expansion project will add a 23-unit memory care building starting in the fall. Situated on 7.1 aces in the Mt. Tabor submarket of Portland, the facility was built between 1999 and 2009.
The full-service retirement community offers several dining service options, wellness care and activities, transportation, personal care and support services, housekeeping and a 24-hour front desk staff.
Integral Senior Living, which has managed the property since 2011, will continue as property manager. The firm manages independent, assisted living and memory care properties in 18 states, including Laurel Riverpark in Oxnard, Calif., and Revel Issaquah, which will open later this year in Issaquah, Wash., both for The Wolff Co.
“As an established, award-wining retirement community, Courtyard at Mt. Tabor aligns perfectly with our strategy to acquire stabilized properties that also offer an opportunity to enhance value through operational or structural improvements,” John Strockis, chief investment officer, said in a prepared statement. “The property also benefits from its ideal location in Portland, a welcoming city with premier senior housing fundamentals and high cultural acceptance of senior living communities. This property is Strategic Student & Senior Housing Trust’s fourth senior housing acquisition and a welcome addition to our diversified and growing real estate portfolio.”
A Growing Portfolio
Sponsored by SmartStop Asset Management LLC, SSSHT now owns four senior housing and two student housing communities acquired for approximately $275 million.
In February, SSSHT acquired a portfolio of three senior housing communities with 294 units in the greater Salt Lake City area. The properties are The Wellington, a 119-unit/140-bed assisted living community in Salt Lake City; Cottonwood Creek, a 111-units/136-bed assisted living facility in Salt Lake City and The Charleston, a 64-unit/78 assisted living facility in Cedar Hills, Utah.
In June 2017, SSSHT made one of its two student housing acquisitions – The District, a 198-unit property in Fayetteville, Ark., for $57 million. The community adjacent to the University of Arkansas features 592 beds in one-, two-, three- and four-bedroom fully furnished units.