JLL Capital Markets has arranged the sale of a portfolio of senior housing communities. The communities are located in northern metro Atlanta. The firm represented the seller in the transaction.
JLL Capital Markets Arranges Sale of Five Senior Housing Communities
JLL Capital Markets announced the $147 million sale of five senior housing communities located across northern Atlanta submarkets. The properties were acquired by a publicly traded institutional investor through an all-cash transaction.
JLL represented the seller, a joint venture between Centric Development and Sage Equities. The buyer will keep Claiborne Senior Living as the operator of the communities.
According to JLL, the portfolio attracted strong interest from real estate investment trusts (REITs), private equity firms, and senior living operators. This is because it offered recently built properties in a desirable market at below-replacement-cost pricing.
JLL’s senior housing capital markets team handled the transaction. The team was led by Jay Wagner, Rick Swartz, Aaron Rosenzweig, Tim Hosmer, and others.
Portfolio Details
The portfolio consists of five Class A senior living communities located in metro Atlanta submarkets. It includes 611 residential units, 701 beds, and a mix of assisted living and memory care accommodations. The communities were developed by Centric Development between 2018 and 2022.
The communities were designed with modern features aimed at today’s senior living market. The apartments include kitchenettes with granite countertops, stainless steel appliances, and 10-foot ceilings. They also feature hardwood-style flooring, full-sized closets, and multiple floor plan options, including companion suites, studios, one-bedroom, and two-bedroom units.
Residents have access to a variety of amenities, including restaurant-style dining rooms, private dining spaces, and movie theaters. Other amenities include bistros and bars, art studios, game rooms, and landscaped courtyards with fountains.
Sage Equities invests in multifamily and senior housing properties, while Centric Development focuses on developing senior living communities across Georgia and Virginia. JLL provides commercial real estate services and investment management globally.
The sale highlights the ongoing demand for modern senior housing communities in metro Atlanta.
