Three-Property Seniors Housing Portfolio Sold by IPA
CHICAGO, August 3, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces 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 over 150 seniors housing communities across the U.S. The buyer is an owner/operator based in the Southwestern U.S. with a track record of leasing up new development construction projects in the Southwest.
“Matt and Josh were truly professional throughout the process,” said Brandon Metzler, assistant vice president in the Asset Management Group at Harrison Street. “They handled the adversity and challenges of a difficult transaction and were ultimately able to get the deal closed; including finding acceptable financing for the buyer. IPA’s effort went above and beyond the typical scope of an advisor.”
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 standalone memory care facility closing in the last 10 months, with all five properties in unique markets: Chicago, Austin, Knoxville, Fayetteville, Little Rock.
Anne Williams, first vice president investments in Marcus & Millichap’s Memphis office is the firm’s broker of record in Arkansas. Jody McKibben, vice president and regional manager in Nashville, is Marcus & Millichap’s broker of record in Tennessee.