Strategic Student & Senior Housing Trust to Buy Portland Senior Housing Community for $92 Million

Strategic Student & Senior Housing Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has agreed to purchase a 284-unit senior housing community located in Portland, Oregon for $92 million. The transaction is expected to close on August 31, 2018.

The potential acquisition, Courtyard at Mt. Tabor, is comprised of 199 independent living units, 73 assisted living units, and 12 memory care units. Property amenities include a library, café, salon, activity room and fitness center.

Courtyard is currently operated by Integral Senior Living and offers 24-hour staffing, three daily meals and social activities. If the acquisition is completed, the REIT plans to continue using Integral Senior Living as the property’s third-party operator.

Strategic Student & Senior Housing Trust expects to fund the acquisition with a $63.2 million mortgage loan from KeyBank, and the remainder will be funded with offering proceeds, a bridge loan, and/or other equity or debt financing from third parties or affiliates.

The property also includes land that the company plans to develop post-closing into an additional 23 memory care units for approximately $9 million.

Strategic Student & Senior Housing Trust invests in income-producing student housing and senior housing real estate assets and owns a portfolio of five properties. The company raised approximately $91.9 million from its private offering which ended in March 2018, and its public offering was declared effective in May 2018.

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