MARCUS & MILLICHAP BROKERS $43 MILLION SENIOR HOUSING SALE
FRANKLIN AND ACTON, MASS. — Marcus & Millichap has brokered the sale of two upscale senior housing communities located in Massachusetts for $43 million. The first community is Forge Hill Senior Living, an independent and assisted living community located in Franklin. The facility contains 104 units. The second property is the Inn at Robbins Brook, a 90-unit community located in Acton. The facility provides assisted-living care and was constructed in 2000.
The deal was brokered by Mike Pardoll of Marcus & Millichap's National Senior Housing Group in Charlotte, N.C., and Christopher Hyldahl of Marcus & Millichap's West Los Angeles office. The pair represented both the seller, an affiliate of Westport, Conn.-based Westport Capital Partners, and the buyer, a Boston-based investment real estate firm. Additional representation was provided by Todd Tremblay of Marcus & Millichap's Boston office.
The properties commanded a price of $221,650 per unit, which equates to approximately $300 per square foot.
— Coleman Wood