By Jack Stubbs
On Wednesday, January 17th, the Arbor Village Senior Living facility in Kent sold for $41 million, according to public records filed with King County. The buyer of the property was KKR & Co. L.P., a global investment firm based in New York. KKR acquired the asset from Toledo, Ohio-based Welltower, Inc., a company that invests in a variety of senior housing facilities nationwide. The transaction was recorded on January 26th.
Neither the buyer nor the seller responded to calls for comment about the transaction in time for the publishing of this story.
The sale of the Arbor Village Senior Living facility includes three buildings that total approximately 120,000 square feet, according to public documents. The first building, located at 24121 116th Ave. SE, was built in 1999 and totals 61,129 square feet. The second structure, located at 24004 114th Place SE, was built in 2009 and totals 29,200 square feet, while the third building is located at 24205 116th Ave SE and totals 33,204.
Arbor Village Senior Living offers a variety of services to its clients including assisted living services, memory care and independent living, according to the property’s web site. The facility’s client program is focused on the four main activities of community, social, spiritual and cognitive events.
The web site also highlight’s the property’s location just south of Kent and proximate to various services, parks and shopping options. The facility is approximately three miles to the east of downtown Kent and roughly four miles from access to Washington State Route 167.
Founded in 1976, KKR seeks to work as a collaborative team across geographies, asset classes, and industry groups attempting to bring the best intellectual capital, investment ideas, and prospects for returns to our clients, according to its web site. The company manages various asset classes including equity, energy, infrastructure, real estate and credit.
In 2011, the company formed its real estate platform. As of September 30, 2017, the real estate team consisted of more than 50 dedicated investment and asset management professionals across five countries, with more than $5 billion of equity committed or invested in real estate and real estate credit, according to the company’s web site.
Founded in 1970, Welltower is a REIT that owns interest in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, according to the company’s web site. Welltower delivers healthcare infrastructure in order to facilitate treatment at lower costs and keep patients out of the hospital, according to the company’s web site. Through its relationship-based investing platform, Welltower invests in senior housing facilities, post-acute care facilities and outpatient medical properties.