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September 15, 2023

North Haven senior living facility sells for $38M

CoStar 201 Clintonville Road, North Haven

A 100-plus-unit assisted living and memory care facility in North Haven has been acquired by a national senior housing and healthcare real estate investment fund.

Arizona-based Inspired Healthcare Capital in September paid $38.2 million for The Landing at North Haven, a 97,300-square-foot, 122-unit facility at 201 Clintonville Road.

Inspired Healthcare Capital has more than $1.3 billion in assets under management, according to its website. Its portfolio features numerous senior living facilities on the West Coast and southeast, with two other Northeast properties in New Jersey and Massachusetts. 

The seller was Columbia Wegman North Haven LLC, an affiliate of Columbia Pacific Advisors LLC.

Built in 2018, the two-story facility and 11-acre property has a total appraised value of $10.3 million.

Blueprint HCRE real estate advisors, which assisted in the deal, said in a statement that lease-up progress for the “high-performing” facility was solid through COVID, with strong rates and margins, “leading to meaningful cash flow when occupancy started to approach stabilization in 2022. Seeing the performance trend, the ownership group decided to pursue an opportunistic disposition ahead of plan to lock in returns and return capital to investors early in the fund’s life.” 

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