A Cushman & Wakefield team consisting 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 sustainable cash flow we’ve seen in today’s market and its prime location was particularly attractive,” Wagner said.
The property is a single storey colonial style building which has been well maintained and was completely renovated in 2021. The property was opened in late 2001 and historically operates at 100% occupancy. The recent renovation remodeled common areas, including expanded dining areas; replace roof and sprinkler system; and upgrading furniture, fixtures, equipment, lighting, paint, carpeting and flooring throughout the property.
Built symmetrically, the property features a “Main Street”-style lobby and reception area that includes a common congregational space, beauty salon, and discovery room. The identical memory care quarters branching off from the lobby each have 23 units and their own dining, living and activity space as well as an indoor and outdoor courtyard on either side.
A photo of the asset can be uploaded here.
About the Hamister Group
Hamister Group, LLC is a recognized leader in healthcare and hospitality management headquartered in Buffalo, NY, with a 45-year history of exceptional customer experience 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 provide investors with tax-advantaged investment vehicles that are both growth and cash flow oriented through a diversified portfolio of mid-sized hotels and retirement homes that have historically withstood recessionary markets.