Seniors Housing p Tennessee

IPA sells three-property seniors housing portfolio

IPA sells three-property seniors housing portfolio,ph01

Institutional Property Advisors, a division of Marcus & Millichap, closed the sale of the Clarity Pointe Portfolio, a three-property, 174-unit, 175-bed seniors housing portfolio. The properties are in Knoxville, Tennessee, and Fayetteville and Little Rock, Arkansas.

IPA’s Joshua Jandris, Matthew Andriano and Mark Myers represented the seller, a joint venture between Harrison Street Real Estate Capital, a Chicago-based investment firm focused on education, healthcare and storage real estate, and Life Care Services, a private company that manages and owns more than 150 seniors housing communities across the United States.

The buyer is an owner/operator based in the Southwestern United States with a track record of leasing up new development construction projects in the Southwest.

The transaction was financed with a 75 percent bridge-to-HUD loan by Dwight Capital through IPA correspondent Jordyn Berger and independent mortgage broker Jim Nahal.

The sale of Clarity Pointe portfolio marks IPA’s fifth stand-alone memory care facility closing in the last 10 months, with all five properties in unique markets: Chicago, Austin, Knoxville, Fayetteville and Little Rock.