Home Finance Kirkland’s Senior Living Facility Madison House Sells for $13MM

Kirkland’s Senior Living Facility Madison House Sells for $13MM

Puget Sound, Seattle, John L. Scott Real Estate, Northwest Multiple Listing Service, King, Snohomish, Pierce, Kitsap,
Madison House | Photo: Koelsch Communities

Kirkland’s first senior living community, formerly owned by Olympia-based Koelsch Communities, sold the Madison House for $13,306,000 to Chicago-based Ventas, a real estate investment trust with a portfolio of nearly 1,300 seniors housing and healthcare properties.

King County public records show $310,000 was deducted in personal property resulting in a taxable sales price of $12,996,000.

The senior care facility, built in 1978, is located at 12215 NE 128th St. in Kirkland and sits on a 189,490 square foot property. The Madison House is an assisted and independent living community for senior citizens that also offers respite care. The facility offers 24-hour on-site nurses, a game room, splash pool and spa, a sun room, theatre, exercise room, restaurant and lounge. Options for units range from studios to two-bedrooms and some units include fireplaces and balconies or patios.

The family owned and operated senior care specialists, Koelsch Communities, opened their first community, a nursing home in Kelso, in 1958. Koelsch Communities owns other senior care and retirement facilities in eight states including Arizona, California, Colorado, Idaho, Illinois, Montana, Texas and 10 facilities in Washington.

By 2040, the percent of residents age 60 and older in King County is projected to grow by nearly 25 percent, according to King county Aging and Disability Services (ADS). ADS also notes that 80 percent of the growth in the 60 and older population from 2000 to 2013 occurred in Seattle, South Urban and East Urban regions.

According to a May 2015 report titled Seniors Housing Investment Opportunity from AEW Capital Management, researchers believe private-pay senior housing is an attractive investment opportunity. “America’s aging baby boomers and their parents are the demographic force behind many of the changes in the types of services and products being offered to the seniors housing consumers,” according to the report. Another factor playing into what the researchers believe is an attractive opportunity is the belief that the senior housing sector is “recession-resilient.”