Sentio expands senior living assets
Sentio Healthcare Properties, a real estate investment trust focused on healthcare-related real estate, recently announced significant growth in the company's senior housing portfolio, investing in the acquisition and development of nine state-of-the-art projects in late 2014 and 2015. The new development assets:
- The Delaney at Georgetown Village broke ground in May. Sentio's investment is structured as a participating development loan with purchase rights for the 207-unit independent living, assisted living and memory care community in Georgetown, TX, just north of Austin, an emerging destination for seniors.
- Buffalo Crossing also opened in May. This property is a 108-unit assisted living community located in The Villages in Florida.
- Sentio entered the Missouri market with The Parkway, located just outside Kansas City. The community opened in July with 100% occupancy in the independent living community. The assisted living and memory care communities are scheduled to open this fall.
- Sentio expanded its footprint in the Denver market with Accel at Golden Ridge, located in Golden, CO. This development features a 120-unit, transitional rehab and care facility and is expected to open in August.
In addition to new development, Sentio also has acquired several new properties that include independent living, assisted living and memory care communities in Massachusetts, Florida, Maryland and Ohio. Encompassing 549 units, several of these acquisitions are the result of repeat business with Sentio's operating relationships.
“While we continue to acquire stabilized properties, one of our main initiatives has been ground-up development and lease-up opportunities, many of which have been completed with existing partners,” said John Mark Ramsey, Sentio's president and CEO. “One example of this is Armbrook Village, a 118-unit independent, assisted living and memory care community located in Westfield, MA, which opened in 2013. This is the third property owned and managed in partnership with Senior Living Residences. We believe that by aligning ourselves with superior assets and best-in-class operating partners, we will continue to achieve strong results for our shareholders.”