A holding from the Morningside portfolio
WASHINGTON, DC–An affiliate of HCP has closed on a 526-unit assisted living portfolio located in the Mid-Atlantic that had not one, not two but three major challenges associated with its sale.
The portfolio, called the Morningside House Mid-Atlantic Portfolio, traded for $186.25 million or $354,424 per unit — nearly a year after going under contract.
The seller, a joint venture between Morningside House Senior Living and Harrison Street Real Estate Capital, put the portfolio on the market last year well aware that it was facing an uphill climb. It was during a period when senior housing REITs were not in active buy mode, for starters. Worse, the portfolio's operator was shutting down, explained CBRE's Lisa Widmier, who along with Matthew Whitlock represented the seller.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
