SSSHT Acquires 286-Unit Community in Portland for $92M

PORTLAND, Ore. — Strategic Student & Senior Housing Trust Inc. (SSSHT) has acquired Courtyard at Mt. Tabor, a seniors housing community in Portland, for $92 million.

The property offers 286 units of independent living, assisted living and memory care. The new owners will execute an existing plan to add 23 additional memory care units, with groundbreaking scheduled for fall 2018.

The buyer is a non-traded REIT sponsored by SmartStop Asset Management. 

Located on 7.1 acres in the Mt. Tabor submarket of Portland, the property was constructed in 1999 and renovated in 2009. Dan Mahoney, Jacob Gehl and Blake Bozett of Blueprint Healthcare Real Estate Advisors represented the seller, which originally developed and owned the property.

The transaction represents the largest seniors housing asset sale in Oregon history, according to Blueprint. The per-unit cost was $322,000 and the captialization rate was 6.4 percent.

 KeyBank Real Estate Capital arranged a $63.2 million Freddie Mac, first mortgage loan for the transaction.

The community was 94 percent occupied at the time of sale. Integral Senior Living, which has operated the asset since 2011, will stay on as manager under the new ownership.

SSSHT now owns a portfolio of four seniors housing communities and two student housing communities acquired for an aggregate price of approximately $275 million.