PROVIDENCE, R.I. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of three seniors housing communities in metro Providence.
A institutional investor sold the 371-unit independent living, assisted living and memory care portfolio for an undisclosed price. The buyer was Capital Health Group, a Baltimore-based investor seeking value-add opportunities in the area.
Milestone Retirement Communities LLC, an affiliate of Capital Health Group, will take over operations at each community.
The portfolio consists of Pocasset Bay, a 169-unit independent living and assisted living community in Johnston; East Bay, a 98-unit assisted living and memory care community in East Providence; and Greenwich Bay, a 104-unit assisted living and memory care community in East Greenwich.
The disposition is part of the seller’s strategy to reduce its concentration in non-strategic assets. Capital Health Group and Milestone plan to re-brand the communities and invest in renovations totaling $15.3 million to alter the programming mix and improve occupancy and operations across the portfolio.
The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Sam Dylag.