Arcapita, MorningStar Acquire Three Seniors Housing Communities in Colorado for $85M
DENVER and COLORADO SPRINGS, COLO. — A joint venture of Arcapita, a global investment management firm, and MorningStar Senior Living, an owner/operator based in Denver, has acquired a three-community seniors housing portfolio in Denver and Colorado Springs for $85 million.
The portfolio totals 196 units of assisted living and memory care. The communities were built in 2013 and 2014. The names of the communities were not disclosed.
MorningStar will operate the communities.
Arcapita, which is based in the small middle-eastern island country of Bahrain, plans on many more U.S. seniors housing acquisitions in the near future. The investment firm previously acquired, managed and sold a $1.5 billion seniors housing portfolio in the U.S. and U.K.
Colorado was specifically targeted because its seniors population is projected to grow at twice the national average over the next five years, according to Martin Tan, Arcapita’s chief investment officer.