Strategic Student & Senior Housing Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has completed a free-standing, 23-unit memory care building at Courtyard at Mt. Tabor in Portland, Oregon. After breaking ground in late October 2018, the project took approximately 12 months to complete.
The approximately 16,000-square-foot facility, Courtyard at Mt. Tabor Pavilion, is an expansion of Courtyard at Mt. Tabor, a continuum-of-care senior housing community that offers 309 units of independent living, assisted living and memory care. The Pavilion is currently 38 percent pre-leased.
Courtyard at Mt. Tabor was purchased by the REIT in September 2018 for $92 million.
“SmartStop Asset Management believes that the ideal senior housing model is a continuum-of-care campus serving private-pay, middle-income seniors that allows residents to age in-place,” said John Strockis, president and chief investment officer of Strategic Student & Senior Housing Trust.
Integral Senior Living, a senior living operator that manages independent, assisted living and memory care properties throughout 18 states, manages the property on a day-to-day basis on behalf of the REIT.
Strategic Student & Senior Housing Trust, which invests in Class A student housing and senior housing real estate assets, owns a portfolio of four senior housing communities and two student housing communities purchased for approximately $275 million. The company raised approximately $93 million from its private offering which ended in March 2018, and its public offering was declared effective in May 2018. As of June 30, 2019, the REIT had raised $5.2 million in investor equity in its primary public offering.
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