Avison Young sells Residence on Greenbelt for $18M

by Jeff Shaw

LANHAM, Md. — Avison Young has sold Residence on Greenbelt, an 89-unit assisted living and memory care community located at 9885 Greenbelt Road in Lanham, Md., for $18 million.

IntegraCare Corporation retained Avison Young to present the property to the marketplace. The seller had acquired the underperforming property out of distress, invested $2 million in capital upgrades, implemented improvements to the operation of the community and raised occupancy to 88% at the time of sale.

Avison Young principals Jim Kornick and Chip Ryan, based in the firm’s Washington, D.C. office, marketed the property as an opportunity to purchase a recently renovated facility positioned for additional income growth.

“With the seller’s many recent improvements, this property represents the nicest community amongst its competitive set,” says Kornick.

The sale is the third senior-housing transaction brokered by the team over the past year.

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