Home Finance Senior Living Communities Continue to Trade as Welltower Buys Snohomish County Assets...

Senior Living Communities Continue to Trade as Welltower Buys Snohomish County Assets for $40.5MM

Welltower, Edmonds Landing Assisted Living, The Terrace at Beverly Lake, Edmonds, Everett, Ventas, Frontier Management

By Meghan Hall

Senior housing communities across the region continue trade at a fast pace, with two major real estate investment trusts closing two deals in Snohomish County this past week. Toledo, Ohio-based Welltower has 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 the larger of the two deals, Welltower paid $28.75 million for Edmonds Landing Assisted Living, located at 180 Second Ave. The community features access to the nearby Harbor Square Athletic Club and activities such as swimming, water aerobics, tennis, racquetball and more. Ukie Sorensen and Le Papillon Salon also provide services to the community. The community features several unit types that include one-bedrooms and studio units.

In the second transaction, The Terrace at Beverly Lake sold for $11.75 million. The property is located at 524 75th St. SE in Everett, Wash. The community, which provides memory care services, offers a mix of both private suites and companion suites. Amenities include a large garden, dining room and lounge area.

Both communities are managed by Portland-based Frontier Management.

The senior community sector has been active in recent months; 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.

In Washington State alone, Welltower owned 24 properties at the end of December of 2020, according to a recent SEC filing. The properties represent more than $625 million in total investments into the region. According to its statements, the firm continues to look to diversify its Senior Housing portfolio across product type, geographies, relationships and other factors heading into 2021.