LOS ANGELES, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two New England assisted-living care facilities. The portfolio’s sales price was $40 million. The properties are:
- Village at Fillmore Pond (middle right photo) in Bennington, Va., 101 units, 92,600 square feet, $20,935,276
- The Inn at Spruce Wood (top left photo) in Durham, N.H., 100 units, 85,64 square feet, $19,064,724
Michael Pardoll, a senior vice president investments in the firm’s Charlotte, N.C. office, and Christopher Hyldahl, a senior associate in West Los Angeles, represented the seller in both transactions, NE4 Senior Living Facilities LLC.
Pardoll and Hyldahl also represented the buyer of both properties, Emeritus Senior Living. Jeffrey Nick of NAI J. L. Davis Realty provided representation in Vermont and Todd Tremblay, a senior associate in Marcus & Millichap’s Boston office, provided representation in New Hampshire.
“Seniors housing assets with consistent returns are becoming increasingly attractive to investors,” says Pardoll. “Facilities with assisted-living, independent-living and memory-care components remain the most sought-after seniors housing properties.”
“Each property in this portfolio has sustained occupancy levels greater than 90 percent through the economic downturn, while increasing rents between 4 percent and 6 percent annually since 2007,” adds Hyldahl. “Currently, the two properties have a combined total of 201 stabilized units, with expansion potential for another 16 cottages at the Bennington, Va. facility.”
The Village at Fillmore Pond is comprised of 30 independent-living units units, 45 assisted-living units, 12 memory-care units and 14 newly built independent-living cottages located on 85 acres at 300 Village Lane in Bennington.
The independent-living and assisted-living sections were constructed in 2000 and the 24-bed, 12-unit memory-care section was added in 2009. The community draws residents from Massachusetts, New York and Vermont.
The Inn at Spruce Wood is located at 25 Worthen Road in Durham, approximately one hour north of Boston and approximately nine miles from the 115-bed Wentworth-Douglas Hospital.
Built in 2004 on 16 acres, the facility has 35 independent-living units and 65 assisted- living units, 25 of which are dedicated to memory care. All units have 24-hour emergency call systems, central monitoring, fire sprinkler and smoke detection systems.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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