**Ventas Acquires $54.7M Senior Living Community in Everett**
MorningStar Senior Living has announced a new partnership with Ventas, Inc., marking the beginning of their relationship through Ventas’ acquisition of MorningStar’s Silver Lake senior living community in Everett, Washington. The 148-unit property was purchased for $54.7 million.
“We are thrilled to launch our relationship with Ventas through their acquisition of our beautiful Silver Lake community,” said Jamie Ranzan, President & Chief Investment Officer of MorningStar. “When MorningStar assumed management of this 148-unit independent and assisted living community in 2021, it was census-challenged. Today it maintains nearly full occupancy.”
The property, located at 520 112th St. SW, was previously owned by Artemis Real Estate Partners. Artemis had acquired the facility in 2018 for $30.3 million. MorningStar assumed operational control in 2021 and oversaw improvements in occupancy and operations.
Built in 2002, the Silver Lake community totals 155,600 square feet and offers a blend of independent and assisted living options. The unit mix includes 95 one-bedroom units, 49 two-bedroom units, and four studios.
This acquisition marks a significant step for both MorningStar and Ventas as they continue to expand their footprint and impact in the senior living sector.
