A Cushman & Wakefield team of Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Jack Griffin represented the seller, Longview Senior Housing, in the transaction. The property was acquired by Hamister Group, a senior housing investor and operator.
“This community had some of the most durable cash flow we’ve seen in today’s market and its strong location was especially attractive,” said Wagner.
The property is a colonial style, single-story building that has been well-maintained and was thoroughly renovated in 2021. The property was opened in late 2001 and historically operates at 100% occupancy. The recent renovation has remodeled common areas including expanded dining areas; replacing the roof and sprinkler system; and upgrading furniture, fixtures, equipment, lighting, paint, carpet and flooring throughout the property.
Built symmetrically, the property features a “Main Street” style lobby and reception area that includes communal congregation space, a beauty salon and discovery room. The identical memory care neighborhoods that branch off the lobby each have 23 units and their own dining, living and activity space as well an interior and exterior courtyard for each side.
A photo of the asset can be downloaded here.
About Hamister Group
Hamister Group, LLC is a recognized leader in healthcare and hotel management headquartered in Buffalo, NY, with a 45-year history of delivering exceptional customer experiences and superior results. Hamister manages a portfolio of hotel and healthcare properties in six states with more than 800 employees. www.hamistergroup.com.
Hamister Real Estate Equity Fund III, LP is a private real estate fund designed to offer investors both growth and cash-flow oriented, tax-advantaged investment vehicles through a diversified portfolio of middle-market hotels and senior housing residences which have historically been resistant in recessionary markets.