The Communities
Keystone Villa is a portfolio of four Class-A assets at three different locations between Harrisburg and Philadelphia, Pennsylvania. The Douglassville location was constructed in two phases in 2004 and 2008 as a 123-unit independent living community, but then expanded with a second building in 2009 and 2013 to offer 124 units of personal care and memory care. The 123-unit Fleetwood location was built in 2011 and offers personal care and independent living. The Ephrata location opened towards the end of 2014 and its 139 units of IL/AL/MC were still in the lease-up while going through the sales process, but reached stabilization by the time of closing. These buildings were performing very well and maintained high occupancy.
The Process
These assets were constructed, owned, and operated by local owners who decided the timing was right for them to exit the seniors housing industry. Their priority of a confidential process lead them to select SLIB as their broker. SLIB procured eight offers from primarily institutional investors.
The Result
After the original (private REIT) Buyer backed out of the deal, SLIB put the deal back together directly with the REIT’s Mid Atlantic-based Operator who was already very familiar with the communities. The Operator had just refinanced their portfolio, giving them liquidity to close the acquisition on similar terms and without starting the sales process over from scratch.
Keystone Villa Portfolio
The Communities
Keystone Villa is a portfolio of four Class-A assets at three different locations between Harrisburg and Philadelphia, Pennsylvania. The Douglassville location was constructed in two phases in 2004 and 2008 as a 123-unit independent living community, but then expanded with a second building in 2009 and 2013 to offer 124 units of personal care and memory care. The 123-unit Fleetwood location was built in 2011 and offers personal care and independent living. The Ephrata location opened towards the end of 2014 and its 139 units of IL/AL/MC were still in the lease-up while going through the sales process, but reached stabilization by the time of closing. These buildings were performing very well and maintained high occupancy.
The Process
These assets were constructed, owned, and operated by local owners who decided the timing was right for them to exit the seniors housing industry. Their priority of a confidential process lead them to select SLIB as their broker. SLIB procured eight offers from primarily institutional investors.
The Result
After the original (private REIT) Buyer backed out of the deal, SLIB put the deal back together directly with the REIT’s Mid Atlantic-based Operator who was already very familiar with the communities. The Operator had just refinanced their portfolio, giving them liquidity to close the acquisition on similar terms and without starting the sales process over from scratch.
