Welltower Buys Portland-Area Senior Housing Portfolio for $223M

The 703-unit portfolio includes independent living apartments, as well as assisted living and memory care units.

The Lofts at Glenwood in Vancouver, Washington

The Lofts at Glenwood. Image via Google Street View

Rood Investments LLC has sold three senior housing properties in Vancouver, Wash., to Welltower, for a combined total of $223.4 million, according to Clark County records. Cushman & Wakefield brokered the sale of the 703-unit Class A portfolio on behalf of the seller.

The deal included the 83-unit The Lofts at Glenwood, the 325-unit Glenwood Place and the 295-unit Almond Heights, located at 5300 NE 82nd Ave., 5500 NE 82nd Ave., and 415 SE 177th Ave., respectively. According to public records, the first property traded for roughly $25.5 million, the second one for $91.9 million and the third community sold for $106 million.

Rood Investments developed all three communities between 2001 and 2017. The portfolio spans the care continuum, offering active adult units, as well as independent living, assisted living and memory care services. All three properties are some 14 miles northeast of downtown Portland, Ore., surrounded by several retail, dining and entertainment options.

Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin formed the Cushman & Wakefield team that represented the seller in the transaction.

Active within the senior housing sector, Welltower acquired three other senior living portfolios in March, comprising 2,787 units across 33 senior housing communities throughout Michigan, Ohio and Tennessee, for roughly $548 million combined.

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