FAIRFAX, Va., May 21, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Virginian, a 350,000-square-foot, 306-bed rental continuing care retirement community in Fairfax County, Virginia.
Marcus & Millichap’s IPA Seniors Housing team represented the seller, Thompson Associates, in its sale of the asset to an affiliate of Focus Healthcare Partners LLC. Bryn Merrey, senior vice president and division manager, is Marcus & Millichap’s broker of record in Virginia.
The 35-plus-acre property has an irreplaceable location in Fairfax, an affluent area proximate to the D.C. metro. To complete this complex and highly structured transaction, IPA conveyed story of how the campus, once repositioned and renovated by the buyer, will be in position to take advantage of the market’s favorable demographics. Focus has said they plan to complete a substantial renovation that will transform the property into a true Class A asset. The Virginian’s unit mix includes 96 skilled nursing beds, and the rest are assisted living and independent living units.
An affiliate of Focus Healthcare Partners LLC acquired the Virginian on behalf of Focus Senior Housing Fund I LP, a fully discretionary comingled investment vehicle supported by public pension plan investors, university endowment funds, public insurance companies, and other well respected institutional limited partners.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.