News: Rhode Island
Posted: April 12, 2019
Cushman & Wakefield arranges sale of 371-unit senior housing portfolio
Pocasset Bay - Johnston, RI
Johnston, RI Cushman & Wakefield senior housing capital markets, acting as exclusive advisor to an institutional client, has arranged the sale of a Rhode Island portfolio of three value-add senior housing communities located outside of Providence. The Portfolio consists of 371 units of independent living, assisted living and memory care.
The portfolio was acquired by Capital Health Group, a leading national investor in senior housing communities based in Baltimore, Maryland. Milestone Retirement Communities LLC, an affiliate of Capital Health Group, will take over operations at each community.
The three-property portfolio consists of Pocasset Bay, a 169-unit independent and assisted living community in Johnston; East Bay, a 98-unit assisted living and memory care community in East Providence; and Greenwich Bay, a 104-unit assisted living and memory care community in East Greenwich. The disposition is part of the seller’s strategy to reduce its concentration in non-strategic assets. The acquisition represents an opportunistic investment for Capital Health Group and Milestone to re-brand the communities and invest in renovations totaling $15.3 million to alter the programming mix and improve occupancy and operations across the portfolio. The location of the three assets creates an efficient cluster of scale around the Providence MSA.
The Cushman & Wakefield team involved in the transaction included vice chairman Richard Swartz, executive director Jay Wagner, director Jim Dooley and associate Sam Dylag.
Tags:
Rhode Island
MORE FROM Rhode Island
Rhode Island
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
Columns and Thought Leadership
Quonset is an essential piece of Rhode Island’s proposed Green Bond - by Steven J. King
While Quonset is known as the region’s leading engine for economic development and job growth, equally as important is its role in protecting and preserving the environment. Home to more than 800 acres of open space, an 18-hole public golf course, four public beaches
Rhode Island is on the move - and there’s no better example than Quonset - by gov. Dan McKee
This year has already brought significant economic progress in for the state of Rhode Island, and nowhere is this more noticeable than at the Quonset Business Park.
The City of Warwick is the perfect choice - by Frank Picozzi
The late summer sky was bright and the mood festive at the family-friendly “Best in Town” event at Rhode Island’s first Floor & Décor store. Those looking to make some home improvements strolled through the warehouse, admiring the well-stocked aisles, fair
Nine things left by the Navy that are key to success at Quonset today - by Steven King
The modern Quonset Business Park is Rhode Island’s leading engine of job creation and economic growth. The park hosts 239 companies and over 14,000 jobs. That success rests on the foundation of two neighboring, now-closed military bases built by the U.S. Navy
