Senior Housing Community in Portland Trades for $92M

PORTLAND, OR— Strategic Student & Senior Housing Trust, Inc. has acquired the 286-unit senior continuum of care senior housing community Courtyard at Mt. Tabor here for $92 million.

SSSHT is a public, non-traded REIT sponsored by SmartStop Asset Management, LLC of Ladera Ranch, CA.

The CoC offers independent living, assisted living and memory care and is located at 6125 and 6323 SE Division St. The Courtyard at Mt. Tabor is currently 94% occupied and 100% 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,” says John Strockis, SSSHT chief investment officer.

Currently, SSSHT’s portfolio of four senior housing communities and two student housing communities were acquired for an aggregate contract purchase price of approximately $275 million.

Courtyard at Mt. Tabor is a full-service retirement community that offers extensive dining service options, wellness care and activities, transportation, personal care and support services, housekeeping, and a 24-hour front desk staff.

The property was constructed between 1999, 2000 and 2009 and is situated on 7.1 acres of land in the Mt. Tabor submarket of Portland.

KeyBank Real Estate Capital arranged a $63.2-million Freddie Mac, first mortgage loan for the acquisition of Courtyard at Mt. Tabor. Charlie Shoop of Key’s commercial mortgage group arranged the non-recourse, fixed-rate financing with a 10-year term, four-year interest-only period and 30-year amortization schedule.

Integral Senior Living will continue to manage the property on a day-to-day basis on behalf of the REIT.