By Meghan Hall
Several assisted living and memory care facilities in Shoreline and Kirkland, Wash., have traded hands just before the end of the year. In a transaction that closed on December 18th, but only recently recorded, three Aegis Living facilities have sold for a combined $132.5 million. According to public documents, the seller was Healthpeak Properties. The buyers were several limited liability companies affiliated with Molly Fadule, a Seattle real estate executive and Founder of Cephas Partners. According to public documents, the seller was Healthpeak Properties.
The first deal to close was for the Aegis Living Callahan House, which sold for $45,637,553. The assisted living and memory care community is located at 15100 First Ave. NE. According to its website, Aegis Living Callahan offers either studios or deluxe studios—units that include small kitchenettes. The community is divided overall into four smaller living areas, each with its own specific dining room, common areas, courtyard and staff.
“Designed specifically for our residents with memory loss due to Alzheimer’s or other forms of dementia, our Callahan House community in Shoreline was proudly named for the founder’s mother,” the website states. “Reminiscent of a cozy family home, we’re located adjacent to our assisted living community as part of a larger campus to meet the spectrum of care needs from assistance to memory care.”
The second deal to close was for an adjacent property known as Aegis Living Shoreline. The community traded for $55.8 million. The community offers a mix of studio-, one- and two-bedroom units. While Aegis Callahan House caters to those specifically needing memory care, Aegis Living Shoreline, its next door counterpart, focuses on the broader assisted living demographic.
In a third transaction, Healthpeak also sold Aegis Kirkland for $31.1 million. Located at 13000 Totem Lake Blvd. NE, the assisted living community offers studios and one-bedrooms. Daily activities include exercise classes, an art club and happy hour.
Over the past several months, a number of senior living communities have traded hands. In October, Revel Kirkland was sold by Katerra to Artemis Real Estate for $56.6 million. The 150-unit community is currently under construction.
In September, senior living operator Merrill Gardens bought out Ohio-based Healthcare REIT Welltower, its joint venture partner, for $344.7 million. The transaction included four communities in Renton, Kirkland, Tacoma and Seattle. Also in September, national real estate company Greystone provided a $13.9 million loan to refinance an 80-unit community called The Savoy at Lake City Senior Living. Combined, the transactions show movement in the market and indicates investors see senior living as a viable asset class within the Puget sound region.