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. 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.