The Communities
SLIB sold a $78M portfolio of Assisted Living and Independent Living communities in Washington State on behalf of a local investment group Seller. The portfolio is a collection of four senior living properties in the greater Seattle metro, including: Island House in Mercer Island; Northgate Plaza in North Seattle; The Creekside in Woodinville; and Mountlake Plaza in Mountlake Terrace. These assets total 368 units with approximately 354,083 total building square feet.
The Process
The Seller wanted SLIB to conduct a very confidential, limited marketing process. Given SLIB’s extensive experience in the Pacific Northwest, only a select few Buyers were contacted whom SLIB had already worked with in the past. This yielded an exceptional offer from a major private equity firm who closed on time.
The Result
The Seller was a local investment group looking to focus on their core market. The Buyer, Capitol Seniors Housing, partnered with MBK Senior Living as an operating partner for this Seattle-area portfolio. The Buyer planned significant capital investments to upgrade these properties and convert some units to Assisted Living and Memory Care.
Seattle Area Portfolio
The Communities
SLIB sold a $78M portfolio of Assisted Living and Independent Living communities in Washington State on behalf of a local investment group Seller. The portfolio is a collection of four senior living properties in the greater Seattle metro, including: Island House in Mercer Island; Northgate Plaza in North Seattle; The Creekside in Woodinville; and Mountlake Plaza in Mountlake Terrace. These assets total 368 units with approximately 354,083 total building square feet.
The Process
The Seller wanted SLIB to conduct a very confidential, limited marketing process. Given SLIB’s extensive experience in the Pacific Northwest, only a select few Buyers were contacted whom SLIB had already worked with in the past. This yielded an exceptional offer from a major private equity firm who closed on time.
The Result
The Seller was a local investment group looking to focus on their core market. The Buyer, Capitol Seniors Housing, partnered with MBK Senior Living as an operating partner for this Seattle-area portfolio. The Buyer planned significant capital investments to upgrade these properties and convert some units to Assisted Living and Memory Care.
