Black Salmon Buys Community in New Hampshire for $28M as First Acquisition of $250M Pipeline

KEENE, N.H. — Black Salmon, a national commercial real estate investment firm based in Miami, has made its first seniors housing acquisition as part of a planned $250 million pipeline for 2019.

Partnering with Michigan-based operator American House Senior Living Communities, the firm acquired Bentley Commons at Keene for $28 million. Situated on 4.2 acres, the property offers 67 assisted living units and 42 independent living units.

The community was built in 2008 and boasts a 98 percent occupancy rate. Following the acquisition, the property was renamed American House Keene.

Black Salmon has planned at least five seniors housing acquisitions in 2019. The company cited the demographic wave of aging baby boomers and a desire to diversify its portfolio as its reasons for entering the sector.

“Healthcare is the fastest growing sector in the U.S. economy, accounting for 17.9 percent of the country’s GDP,” says Jorge Escobar, CEO and managing partner of Black Salmon. “With an increase of baby boomers retiring every day, the ‘silver tsunami’ is becoming a major game changer in real estate due to a constantly increasing need for quality senior housing. There has never been a better time to invest in this arena.”

In addition to being Black Salmon’s first seniors housing property, it is also American House’s first community in the Northeast. The operator’s existing portfolio was in Michigan, Ohio, Illinois and Florida.

“The American House growth strategy has traditionally been focused on expansion in the Midwest and Florida, but the next logical progression was for us to look at acquisition in New England,” says Dale Watchowski, president and CEO of American House.

This transaction falls on the heels of other high-profile acquisitions by Black Salmon, including the $70 million purchase of Bank of Montreal Plaza, one of the largest office buildings in Indianapolis’ central business district, and The Offices at Public Market, a Class A building in San Francisco totaling more than 109,000 square feet, for $33 million.