BURLINGTON, Wa. — A joint venture between Artemis Real Estate Partners and Chicago-based Focus Healthcare Partners LLC has sold Skagit Valley Senior Village, a 198-unit senior housing facility located in Burlington, Wa. Burlington is approximately 60 miles north of downtown Seattle. The property sold for $35 million.
Cascade Living Group, based in Bothell, WA, is now operating the property via a long-term lease. Artemis is a real estate investment management firm based in metropolitan Washington, D.C.
The Artemis Focus JV purchased the property in August of 2012 for $18.6 million via a receivership sale. At that time the property was 63 percent occupied. The JV converted a portion of the property into a dedicated memory care wing, renovated the facility’s common areas and made significant improvements to the project’s operations. The property was approximately 86 percent occupied at the time of the sale. Artegan Senior Living, based in Vancouver, Wa., managed the property for the JV.