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| Chris Kazanatis |
BOSTON, MA– AEW Capital Management,
L.P. (AEW) announced its recent acquisition of the Balfour Senior Housing
Portfolio. The portfolio consists of three Class A properties with a total of
296 units and includes independent living, assisted living and skilled nursing.
AEW acquired the property on behalf of AEW Senior Housing
Investors II, L.P.
Ryan Maconachy, Chad Lavender, and Campbell Roche of HFF represented Balfour on the sale and also arranged the
acquisition financing for AEW through Cornerstone Real Estate Advisers.
The property sits on the east side of Colorado Highway 42 along
Hecla Drive and includes The
Lodge and The Residences,
which are independent-living communities, as well as the Balfour Retirement Community, an
assisted-living and skilled-nursing property.
The community’s continuum of care offers seniors a broader range
of services as they age.
“We are excited about the opportunity to once again partner with Michael
Schonbrun and
Balfour, an established, well-seasoned operator through the
acquisition of this high-quality
community in the affluent Louisville submarket of Boulder/Denver.”
said Chris Kazantis,
Portfolio Manager for AEW Senior Housing Investors II.
 |
| Michael Schonbrun |
Balfour will continue to manage the community and the roughly 300
employees at the site will be
retained and remain employees of Balfour.
Michael Schonbrun, President of Balfour Senior Living said “The
proceeds from the deal will be
used to pay off debt and recapitalize the venture, including
cashing out the 100 original equity investors, many of whom were brought in by Phillips Capital of
Denver.
The balance will be used
to help Balfour expand its brand into the Midwest, starting in
Michigan. Balfour's headquarters will remain in Louisville, Colorado.”
The partnership with Balfour isn’t a first for AEW. The two
engaged in a similar deal in 2012 at Balfour's Cherrywood Village memory care community in Louisville.
Balfour and AEW are also partnering on Riverfront Park, a 205-unit development in downtown
Denver slated to open in September.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
Elizabeth Herlihy,
AEW Capital
Management
617-261-9301 or eherlihy@aew.com
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