KNOXVILLE, Tenn., FAYETTEVILLE, Ark. and LITTLE ROCK, Ark. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has arranged the sale of three Clarity Pointe memory care communities located in Knoxville, Fayetteville and Little Rock.
The seller is a joint venture between Harrison Street Real Estate Capital and Life Care Services. The buyer is an owner-operator based in the Southwest. The price was not disclosed.
The portfolio totals 174 units.
The transaction was financed with a 75 percent bridge-to-HUD loan by Dwight Capital through IPA correspondent Jordyn Berger and independent mortgage broker Jim Nahal.
IPA’s Joshua Jandris, Matthew Andriano and Mark Myers represented the seller in the transaction.