By Meghan Hall
The Puget Sound’s assisted living sector has grown significantly in recent years as investment pours in and demographics shift. In a recent deal that closed on July 28th, Renton’s Village Concepts at Fairwood Assisted Living brought on a new equity partner. The value of the transaction came to $29,325,378.50. According to public records, the current owner of the property is Gig Harbor, Wash.-based The Rush Companies. The new equity partner is designated as Fairwood Investors, LLC.
The property is located at 17010 140th Ave. SE and is run by Village Concepts. The 107,480 square foot community was originally developed by Rush Development and Marathon Development, and Rush provided the financing for construction.
Individual units are a mix of studios, one- and two-bedroom units. Community amenities include a barber shop and salon, theater, club room, bar, activity and wellness centers, private dining options and office space. Residents also have access to recreational programs and the adjacent Fairwood Golf and Country Club.
The property is in a primarily residential neighborhood, but is just across the street from the Fairwood Library, as well as a shopping center anchored by Safeway, Bartell Drugs and LA Fitness. The Fairwood Square Shopping Mall is also located nearby.
The assisted living and senior care sector has seen increasing activity in recent years. Just this week, Alliance Residential broke ground on Holden of Bellevue, a seven-story, 136-unit independent living community located at 121 112th Ave. NE. In February of this year, a number of senior living communities traded; Toledo, Ohio-based Welltower purchased both Edmonds Landing Assisted Living and The Terrace at Beverly Lake Communities for a combined $40.5 million. The seller of both properties is Chicago-based Ventas.
In September of 2020, Seattle-based Merrill Gardens bought out Welltower—its now former investment partner—in a $344.7 million transaction. The deal included four different properties in Renton, Kirkland, Seattle’s University Village and Tacoma. Just before the end of 2020, Healthpeak, another senior living investor and operator, sold Aegis Living Callahan House and Aegis Living Shoreline for a combined $132.5 million.