DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $54.5 million sale of two seniors housing assets totaling 219 units – Chevy Chase House in Washington, D.C. and Country House in Yorktown Heights, New York.
HFF marketed the asset on behalf of the seller, Holladay Corporation. A joint venture between Blue Vista Capital Management, LLC and Meridian Senior Living, LLC purchased the communities free and clear of existing debt.
Chevy Chase House is located at 5420 Connecticut Avenue NW in Washington, D.C. The community includes 131 independent living, assisted living and respite care units across a mix of studio, one- and two-bedroom floor plans averaging more than 600 square feet each. Chevy Chase House is situated close to best-in-class medical providers, including Sibley Memorial and Walter Reed National Military Medical Center, and high-end neighborhood amenities such as Starbucks, the Avalon Theater, a public library and numerous restaurants.
Country House is located at 2000 Baldwin Road in the Westchester County community of Yorktown Heights proximate to best-in-class medical providers in the surrounding area. The property has 88 independent living, assisted living and respite care units as well as wellness amenities, including Wii bowling, yoga instruction and body movement classes.
The HFF team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender.
About Holladay Corporation
Holladay Corporation (Holladay) is a locally-owned real estate development company best known for its innovative residential and mixed-use projects. Based in Washington, D.C., it has developed and sold or managed condominiums, apartments, assisted living communities, commercial, industrial and retail buildings. The firm has a presence throughout the greater Washington metropolitan area, the Mid-Atlantic and the Midwestern United States. Holladay’s acquisition strategy is focused on one key goal: identifying well-located projects in its core markets. The firm actively seeks new development or acquisition opportunities for multifamily apartments and condominiums, assisted living and self-storage with a preference for infill locations that have high-barriers-to-entry.
About Blue Vista Capital Management, LLC
Blue Vista Capital Management, LLC (Blue Vista) was founded in 2002 in Chicago with a mission to co-invest with successful investors and developers of all real property types across the U.S. and select international markets. To date, Blue Vista has participated in direct investments and joint ventures representing more than $6.5 billion in total capitalization. The firm has experience and interest in all real estate asset classes. Collectively, the senior professionals have completed more than $25 billion in real estate transactions, and have in excess of 150 years of experience in the field.
Blue Vista acquired these communities within their BVREP IV fund vehicle. BVREP IV is a successor fund of Blue Vista’s Middle Market real estate fund series, which was launched in 2003. The middle market real estate fund series pursues value enhanced real estate transactions throughout the U.S. in a diverse range of property types.
About Meridian Senior Living, LLC
Meridian Senior Living, LLC (Meridian), a privately held company, owns and operates senior housing communities across the United States. Meridian prides itself on providing the highest quality care and living options to residents in their own communities. For more information on Meridian Senior Living, visit us online at www.meridiansenior.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.