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1/21/16
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American Realty Capital Healthcare Trust II LLC (“ARC”) has acquired Courtyard Fountains, a 252-unit independent and assisted living community in Gresham, OR. The property was sold by an unnamed private equity group for $55 mil, or $218k/unit.
Courtyard Fountains, located in the Portland area, was built in three phases between 1996 and 2010, and underwent more than $2.4 mil in acquisition-to-date (2012) capital improvements. Occupancy as of closing was near 93 percent. Additionally, CBRE, through its Freddie Mac Seller Servicer direct lending program, facilitated the loan assumption of an existing $25 mil, fixed rate loan originated by CBRE in December 2012.
Lisa Widmier and Matthew Whitlock of CBRE’s National Senior Housing team represented the seller in the deal. Aron Will, Executive Vice President of CBRE’s National Senior Housing team, facilitated the loan assumption on behalf of the buyer, now known as Healthcare Trust Inc. (“HTI”). HTI has engaged Portland-based Frontier Management to take over operations of the property.
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