In a recent transaction, Harrison Street has sold three luxury senior living properties to Inland Real Estate Group. These properties, Clarendale of St. Peters in Missouri, Clarendale of Chandler in Arizona, and Clarendale at Indian Lake in Tennessee were developed by Chicago-based Harrison Street in partnership with Ryan Companies and Life Care Services.
The three communities consist of 635 units for seniors and are currently 92% occupied. While the exact sale price was not disclosed, reports from last year indicate that another property under the same brand name was sold to Inland for $63 million or approximately $338,000 per unit.
According to Ben Mohns, head of asset management – North America at Harrison Street: “The successful sale of these properties highlights the continued interest from investors seeking high-quality senior living assets. With limited institutional quality portfolios available on the market and new construction at its lowest point in a decade.” He also added that their commitment is towards developing top-tier senior housing communities that cater to the changing needs of our aging population while identifying optimal opportunities for portfolio sales to generate liquidity on behalf their investors.
Pictured: Exterior view of one property included in this transaction – Clarendale Of St.Peters.
