ValStone Partners Buys Pair of Mississippi Senior Properties

The communities encompass 116 apartments and 120 licensed beds and provide assisted living and memory care units.
Hermitage Gardens of Southaven. Image via Google Street View

ValStone Partners has acquired a two-property, senior housing portfolio totaling 116 units in Oxford and Southaven, Miss.

Senior Housing Properties Trust, a subsidiary of The RMR Group, sold Hermitage Gardens of Oxford and Hermitage Gardens of Southaven, according to public records. The assets last changed hands in 2006, when the seller purchased them from Independent Healthcare Properties.

Located at 1488 Belk Blvd. in Oxford and 108 Clarington Drive in Southaven, the communities have a total of 120 licensed beds spread across 69,526 square feet. Both locations provide assisted living apartments and memory care units. Following the acquisition, the new owner plans to renovate the two properties, according to Marcus & Millichap Senior Associate L.J. Tsunis.

Marcus & Millichap assisted both parties in the transaction. Beside Tsunis, the brokerage team also included First Vice President Krone Weidler and Broker William Davis. In June, a different Marcus & Millichap team completed the sale of Vantage at Waco, a 288-unit community in Waco, Texas. The company assisted the seller, Vantage Communities.