July 24, 2019 Comments Off on Madison Marquette Snags Portfolio of 6 Senior Living Communities Views: 802 California News, Michigan, Pacific Northwest, Seattle & Pacific Northwest News

Madison Marquette Snags Portfolio of 6 Senior Living Communities

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Washington, D.C.-based Madison Marquette, in a JV with Bahrain-based GFH Financial Group B.S.C., acquired a portfolio of six private-pay senior living communities in Washington, California and Michigan. The communities comprise 509 units/589 beds with a unit mix of independent living, assisted living and memory care; and are operated by Senior Resource Group, JEA Senior Living and Senior Village Management.

Madison Marquette’s Salime Yacoubi says, “With healthy occupancy, strong market demand, and an industry standard NOI margins of 34.4%, this portfolio offers attractive and stable in-place cash flows, and should be well-positioned for additional growth through incremental rate increases during the hold period. We intend for this to be an anchor transaction that will grow our acquisition activities in the senior living space.”

The 92%-occupied portfolio includes:
– Callaway Gardens in Kennewick, WA
– Summer Wood in Moses Lake, WA
– Pine Ridge, in Spokane, WA
– Independence Village in Brighton, MI
– Chateau at River’s Edge in Sacramento, CA
– Chateau on Capitol Ave in Sacramento, CA

*Pictured Spokane’s The Looff-Carousel, credit Kirk-Fisher/Shutterstock.com

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