Senior apartments fetch $22 million

Photos by Burl Rolett.

A 117-unit senior living complex recently sold to a New York company. Photos by Burl Rolett.

A Tech Center retirement home has changed hands as part of a massive senior living deal.

New York-based New Senior Investment Group bought the Quincy Place senior living complex at 7200 E. Quincy Ave. in August for $22.78 million. The 117-unit apartment facility was one of 28 properties New Senior bought from Holiday Retirement in a $640 million deal.

Quincy Place covers about 3.5 acres at Quincy Avenue and Quebec Street. The facility totals about 60,000 square feet and was built in 1998, according to city records. Holiday Retirement had owned the land since 1997.

Holiday will continue to manage Quincy Place under new ownership. Company spokesman Brian Fawkes declined to comment on the deal. Messages for New Senior CFO Justine Cheng and the company’s investor relations line were not returned by press time.

New Senior Investment Group is a publicly traded REIT focused exclusively on senior housing properties. The company is managed by an affiliate of Fortress Real Estate Group. The 28 properties it bought from Holiday Retirement total 3,298 units with an average occupancy rate of about 90 percent.

Quincy Place is New Senior Investment Group’s fifth acquisition in Colorado and second holding in the Denver area. New Senior also owns the Courtyard at Lakewood, a 124-bed facility it bought from Holiday Retirement in 2013 for $16.25 million.

Photos by Burl Rolett.

A 117-unit senior living complex recently sold to…

You must be a member to access BusinessDen's exclusive reporting.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING AARON@BUSINESSDEN.COM.

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.




Return to Homepage

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments