IPA sells $48 million seniors housing portfolio

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Institutional Property Advisors, a division of Marcus & Millichap, has sold two senior living communities in upstate New York to Brookdale Senior Living for $48 million, the company announced Jan. 15.

Emeritus at Landing of Brockport and Emeritus at Landing of Queensbury total 183 units.

“This transaction represents an excellent opportunity for the buyer to continue its successful operations in upstate New York and for the seller to generate additional liquidity to be deployed into further successful seniors housing investments,” said Mark Myers of IPA.

Myers, Joshua Jandris and Charles Hilding represented the seller, a private family office from the Rochester, NY, area. J.D. Parker, senior vice president and district manager, is Marcus & Millichap's broker of record in New York state.

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