PORTLAND, ORE. — JLL Capital Markets has completed the sale and financing of Morningstar at Happy Valley, an assisted living and memory care property in Portland. Confluent Development sold the property to Harrison Street, in partnership with The Springs Living, for an undisclosed price. The buyer will rebrand the 87-unit property as The Springs at Sunnyside. The Springs Living will operate the asset.
Jay Wagner, Rick Swartz, Aaron Rosenzweig, Dan Baker, Jim Dooley and Dean Ferris of JLL represented the seller. Alanna Ellis of JLL led the financing efforts on behalf of the buyer. JLL secured a five-year acquisition loan with Huntington National Bank for Harrison Street.
Built in 2019, The Springs at Sunnyside offers 61 assisted living units across a mix of studios, one- and two-bedroom units in addition to 26 private memory care units. The three-story building features all-day restaurant-style dining, a 24-hour bistro, chapel, theater, library, general store, massage room, outdoor courtyards, barbecue and fire pits, beauty salon, fitness room and raised garden beds. Onsite services include wellness programs and activities, a full-time licensed nurse, 24-hour care staff and scheduled transportation.