AUSTIN, Texas, and ALBUQUERQUE, N.M. — As advisor to Titan Development and EverWest Real Estate Investors, Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of a pair of seniors housing assets in the Austin and Albuquerque metro areas.
A joint venture between Watermark Retirement Communities and a global real estate investment manager acquired the properties for an undisclosed price.
The portfolio consists of two new buildings with nearly identical layouts and unit mixes, each consisting of 77 assisted living units and 36 memory care beds, for a total of 220 units (226 beds). The Austin property — Elan Southpark Meadows — opened in late 2016 and the property in Albuquerque — Elan Santa Monica — opened in early 2017.
On behalf of the buyer, Cushman & Wakefield also arranged the acquisition financing. A national lender provided the first mortgage financing.
The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard.