Cushman & Wakefield Brokers Sale of Boston-Area Seniors Housing Campus

by Jeff Shaw

CHESTNUT HILL, Mass. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the sale of Wingate Residences at Boylston Place, a 48-unit assisted living property, and Wingate at Chestnut Hill, a 135-bed skilled nursing facility.

The two properties are located on a single campus in Chestnut Hill, a village just outside of Boston.

The institutional seller was a pension fund investor that is exiting the senior living space. The buyer is a joint venture between Harrison Street, an institutional private equity firm, and LCB Senior Living, a regional operator. The price was not disclosed.

The buyer plans to upgrade the existing assisted living building and convert the existing skilled nursing portion to additional assisted living space, memory care and increased common area space.

The transaction represents the fifth in a series of divestitures Cushman & Wakefield has executed on behalf of the seller. The Cushman & Wakefield team involved in the transaction includes Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin.

“This is an irreplaceable infill location in the Boston MSA, with high visibility and considerable upside,” says Wagner.

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