READING, Mass. — Cushman & Wakefield has arranged the sale of Residence at Pearl Street, an 83-unit assisted living and memory care community in the Boston suburb of Reading, for an undisclosed price.
The seller was a joint venture between LCB Senior Living and Virtus Real Estate. A new joint venture between LCB and Artemis Real Estate Properties acquired the asset. LCB will continue to operate the property.
The community was originally an elementary school built in 1939 and is now a historic building. In 1996 the building was redeveloped into a seniors housing community and a purpose-built wing was added that currently houses the majority of the resident’s units.
The property underwent a $3.3 million renovation in 2014-2015. LCB stabilized the community by the end of 2016 at occupancy over 90 percent.
The Cushman & Wakefield team involved in the transactions included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Miller.