AEW Acquires 296-Unit Senior Housing Community in Louisville, CO

 

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

krmurphy@hfflp.com

Elizabeth Herlihy,

 AEW Capital Management

617-261-9301 or eherlihy@aew.com