A 5-year-old senior living complex in Riverfront Park is under new ownership.
Ohio-based Welltower Inc., acting as Well Balfour Landlord LLC, purchased Balfour at Riverfront Park complex at 1500 Raven St. last week for $118 million, according to county records.
The complex, which tops out at five stories, has 205 units, and the first residents moved in 2014. It incorporates Moffat depot, a former railroad station visible from 15th Street, which was renovated by the developer and turned into a community center.
Like most senior living communities, the complex has three different categories of units: independent living, assisted living and Alzheimer’s/memory care. Twenty-eight independent living units are designated for individuals or households making below the area’s median income.
Buyer Welltower is a real estate investment trust that specializes in senior living complexes and other health care-related properties, such as medical office buildings. The company did not respond to a request for comment.
The Riverfront Park complex was sold by SHI Denver LLC, which is affiliated with Boston-based AEW, and which developed the property in conjunction with Louisville-based Balfour Senior Living. At the time of development, the project was estimated to cost $78 million.
Balfour Senior Living, led by founder and CEO Michael Schonbrun, could not be reached for comment. The company also has complexes in Littleton, Louisville and Denver’s Stapleton neighborhood, and broke ground last year on a project in Ann Arbor, Michigan.