Senior Housing Properties Trust Agrees to $478M Purchase

Senior Housing Properties Trust announces a $478 million purchase; Boston Capital invests in an affordable development in Virginia; and Essex Realty Group brokers the sale of a walk-up building for $1.1 million.

Newton, Mass.—Senior Housing Properties Trust (SNH) is purchasing nine large senior living rental communities for $478 million. The sales price includes $164 million of assumed mortgage debt on certain communities. The properties, which total 2,226 units, are currently operated by Vi as Classic Residence, a brand formerly known as Classic Resident by Hyatt.

The unit breakdown in the to-be acquired portfolio includes 1,708 independent living apartments, 471 assisted living suites and 47 suites for specialized Alzheimer services. The assets are located in six states, four in Florida, and one each in Maryland, Nevada, New Jersey, New York and Texas. The nine communities are currently 87 percent occupied and will be leased to a taxable REIT subsidiary of SNH after closing. Five Star Quality Care Inc. will manage the properties.

“SNH believes these nine communities are market leaders in the quality of service offered to residents,” says David Hegarty, president of Senior Housing Properties Trust. “Like the large majority of all senior living communities owned by SNH and operated by Five Star, one hundred percent of all the revenues at these communities are paid by residents from their private resources.”

Boston Capital invests in Virginia affordable development

The Plains, Va.—Boston capital has invested in the construction of a 16-unit multifamily community in The Plains, Va. The property, known as Piedmont Lane Apartments, is being developed in partnership between T.M. Associates and The Windy Hill Foundation Inc.

“Low to moderate-income families in need of high-quality affordable housing in The Plain area will benefit from Boston Capital’s investment in Piedmont Lane Apartments,” says Jack Manning, president and chief executive officer of Boston Capital. “Additionally, the installation of EnergyStar appliances combined with energy-efficient heating and cooling systems will reduce utility costs for residents and increase the sustainability of Boston Capital’s portfolio.”

Piedmont Lane Apartments will include a mix of two- and three-bedroom units. The homes are available to families earning 50 percent or less of the area median income. The property will be built with tax credit equity from the LIHTC program. Units will feature energy star appliances, front porches and walk-in-closets.

Essex Realty brokers the sale of walk-up building for $1.125M

Evanston, Ill.–Essex Realty Group Inc. is pleased to announce the sale of a 13-unit, walk-up style apartment building located on the corner of Monroe Street and Sherman Avenue in Evanston, Ill. The property consists of 10 one-bedroom and three two-bedroom units with many of the vintage details preserved.

Doug Imber and Kate Varde of Essex represented the seller and Jim Darrow, also of Essex, represented the buyer. The price was approximately $1.1 million.