PLAINVIEW, N.Y. — Capitol Seniors Housing has acquired the Plainview Residence Inn by Marriott in Plainview, with plans to convert the property into seniors housing.
Metropolis Property Group LLC represented the seller, Greenbriar Associates LLC, in the $20.3 million sale. Metropolis collaborated with Avison Young’s Hospitality Group to negotiate the sale.
The 150,000-square-foot property houses 170 rooms. Capitol plans to spend another $12 million to convert the hotel to a 111-unit seniors housing community.
“This was an ideal opportunity for a seniors housing investor to enter a high-barrier-to-entry market with approved land use entitlements and establish a presence in one of the top seniors housing markets in the country,” says James Ashley, Metropolis’ principal.