Strategic Student & Senior Housing Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased Courtyard at Mt. Tabor, a 286-unit senior housing community located in Portland, Oregon for $92 million. The property offers independent living, assisted living and memory care units.
Situated on 7.1 acres of land in the Mt. Tabor submarket of Portland, Courtyard at Mt. Tabor was constructed between 1999, 2000 and 2009. The community is currently 94 percent occupied and 100 percent private pay. An expansion project that will add an additional 23-unit memory care building to the facility is scheduled to break ground in the fall of 2018.
“As an established, award-winning retirement community, Courtyard at Mt. Tabor aligns perfectly with our strategy to acquire stabilized properties that also offer an opportunity to enhance value through operational or structural improvements,” said John Strockis, chief investment officer. “The property also benefits from its ideal location in Portland, a welcoming city with premier senior housing fundamentals and high cultural acceptance of senior living communities.”
Courtyard at Mt. Tabor is a full-service retirement community that offers dining service options, wellness care and activities, transportation, personal care and support services, housekeeping, and a 24-hour front desk staff. The property received the Caring Stars award in 2015 and 2016, a program that honors the best senior living communities in the United States based on consumer reviews.
Integral Senior Living, a senior living operator that has managed the property since 2011, will continue to manage the property on a day-to-day basis on behalf of the REIT.
Strategic Student & Senior Housing Trust, which invests in income-producing 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 $91.9 million from its private offering which ended in March 2018, and its public offering was declared effective in May 2018.