Originally built in 1923, 305 West End will become a licensed class A seniors housing facility post-renovation, consisting of 180 assisted living units and 40 memory care units. This will more than double the number of licensed assisted living units in Manhattan, according to the investor group.

Mike Gordon, a principal with Chicago-based Harrison Street, told the WSJ that seniors have few options to age in the place in the New York market, although two facilities are under development elsewhere in Manhattan. “Seniors depart to New Jersey and Westchester County,” Gordon told the WSJ. “This will let them stay in Manhattan.”

NEW YORK CITY—An investor group including Northwind Group, Harrison Street Real Estate Capital LLC and the Engel Burman Group said Friday it had acquired a seniors housing facility on Manhattan's Upper West Side. The group did not identify the seller or disclose the price; the Wall Street Journal reported that the group paid $150 million to acquire the 16-story 305 West End Ave. from the Scharf family, which operates a senior residence there called the Esplanade.

“This investment reflects our commitment to ensuring senior residents in the New York Metropolitan area receive high-quality senior housing care,” the investor group says in a statement. “This state-of-the-art senior housing facility at 305 West End Avenue will be a beacon for retired New Yorkers who wish to enjoy this dynamic city while seeking a safe, warm and nurturing environment. We look forward to deepening our ties to our residents, our neighbors and the surrounding community and are committed to ensuring the transition from the previous ownership is seamless.”

Collectively, the investor group has extensive experience in providing quality residential services to seniors throughout the New York metropolitan area. The WSJ reported that Harrison Street and Engel Burman have partnered on a number of senior communities in the New York City metropolitan area.

The group plans to make significant investments in upgrading the facility and improving the overall quality of life for the building's senior residents. Among the planned upgrades will be enhancement to the food services, as well as new amenities such as a new cinema, renovated art studio, card and game room, performing arts center, dining room, computer center and beauty salon.

Originally built in 1923, 305 West End will become a licensed class A seniors housing facility post-renovation, consisting of 180 assisted living units and 40 memory care units. This will more than double the number of licensed assisted living units in Manhattan, according to the investor group.

Mike Gordon, a principal with Chicago-based Harrison Street, told the WSJ that seniors have few options to age in the place in the New York market, although two facilities are under development elsewhere in Manhattan. “Seniors depart to New Jersey and Westchester County,” Gordon told the WSJ. “This will let them stay in Manhattan.”