Health Wave Partners has acquired the MorningStar Senior Living of Parker community, a 191-unit senior housing complex located at 18900 E. Mainstreet in Parker, in a transaction valued at $63.7 million. PGIM Real Estate sold the property, which it originally purchased in 2019 for $62.68 million, according to reporting from the Denver Business Journal.
The transaction involves a three-building senior living campus that was reported to be almost fully occupied at the time of sale. The property has been developed in phases over more than a decade. The first building opened in 2012, with subsequent expansions delivered in 2014 and again in 2016, resulting in the current multi-building configuration.
MorningStar Senior Living of Parker offers a mix of independent living, assisted living and memory care, according to the operator’s website. The combination of care levels is designed to support residents as their needs change over time while keeping them on a single campus. The property is positioned as a full-service senior living environment rather than age-restricted housing without services.
The community includes multiple dining venues and landscaped courtyards, providing residents with on-site food and outdoor gathering options. Interior common areas incorporate fitness and therapy spaces intended to support rehabilitation and wellness programming. Additional social and wellness areas are part of the amenity package, reflecting the emphasis on lifestyle, engagement and health-focused services within contemporary senior housing properties.
Health Wave Partners is described as a boutique investment firm with a focus on high-quality senior housing investments across the United States. The MorningStar Senior Living of Parker acquisition is consistent with that strategy, adding a nearly fully occupied community with a mix of care levels to its portfolio.
PGIM Real Estate’s sale of the asset comes roughly seven years after the community’s most recent expansion phase in 2016 and about seven years after its 2019 acquisition. While specific financing terms, returns and capitalization metrics were not disclosed, the modest difference between PGIM’s 2019 purchase price and the current sale price provides a basic reference point for valuation trends at this single senior housing property over that period.
The transaction underscores continuing investor interest in senior housing communities that combine independent living, assisted living and memory care in a single, amenitized campus environment, particularly when supported by strong occupancy and a history of phased expansion.
