Healthpeak Properties has acquired two senior living communities in Cobb County for a combined purchase price of $240 million, adding a pair of established properties to its healthcare-focused portfolio. The two assets, both operating under the Sterling Estates brand, are located in the West Cobb and East Cobb areas and serve residents in the broader Atlanta region.
According to public records referenced in the report, the seller entities are West Cobb Senior Living LLC and East Cobb Senior Living LLC. Both entities list Nathan Madigan as the registered agent, and the communities had been owned by an investment group led by Madigan. The transaction structure involves a Healthpeak affiliate as buyer, with the properties expected to be moved into the portfolio of Janus Living, a real estate investment trust that was previously spun off from Healthpeak.
The two Sterling Estates communities are situated at 3171 Dallas Highway in West Cobb and 4220 Lower Roswell Road in East Cobb. These locations place the assets within established residential areas of Cobb County, serving a population base that is aging and has demand for a range of senior housing options. While the article does not provide specific details on the East Cobb property beyond its address, both assets are described as senior living facilities.
Sterling Estates of West Cobb, one of the acquired properties, is a 244-unit senior living community located on a 29-acre campus in Marietta, Georgia. The community offers a continuum of care, which includes 61 independent living cottages, 50 apartments, 90 assisted living apartments, and 43 memory care suites. This unit mix positions the campus to serve residents across multiple stages of aging, from independent living through higher-acuity assisted living and memory care.
A notable feature of Sterling Estates of West Cobb is its Sterling Way wellness center. The campus includes a large wellness facility with an indoor heated saltwater aerobic pool, supporting residents’ health, fitness, and rehabilitation needs. This wellness offering complements the continuum-of-care model and is a differentiator for the community within the local senior housing market.
While the report confirms the total price paid for the two-facility portfolio and outlines the basic ownership transition, it does not disclose individual asset pricing, financing terms, cap rates, or any planned capital improvements. However, the transfer of the assets into Janus Living’s portfolio underscores Healthpeak’s use of a related REIT structure to hold senior living real estate while continuing to play a role in the sector’s investment and asset management landscape.
