EVERETT, Wash. — Evans Senior Investments (ESI) has arranged the sale of Garden Court Retirement Community, a 148-unit independent living and assisted living community in Everett.
Artemis Real Estate Partners, a national private equity firm, acquired the property from an independent owner-operator for $50.5 million, or approximately $341,000 per unit.
Aron Will of CBRE National Senior Housing arranged $33.2 million in acquisition financing for the buyer. The seven-year, fixed-rate loan includes 48 months of interest-only payments.
Built in 2002, Garden Court Retirement Community is located 13 miles north of Seattle between the downtown areas of Everett and Lynwood. At the time of the sale the community averaged 95 percent occupancy.
The buyer will bring Artēgan Senior Living on as operator.