Source: Columbia Pacific Advisors / #Student #Housing
KINGWOOD, TX - Columbia Pacific Advisors, a Seattle-based alternative investment firm, announced it completed the sale of a senior care facility to South Bay Partners of Dallas, Texas. The sale marked the second exit for Columbia Pacific's senior housing strategy.
The Kingwood, Texas property, operated by Brookdale Senior Living, Inc. since February 2013, was developed in a joint-venture between Columbia Pacific and South Bay. Located northeast of Houston, Texas, the 117-bed development includes assisted living, memory care, and skilled nursing facilities.
This transaction further reinforces Columbia Pacific's strategy of investing in next generation senior housing facilities in communities experiencing healthy demand and outdated inventory. Columbia Pacific Advisors' leadership team has extensive experience in real estate investing and development. Dan Baty and his partners established Columbia Pacific in 2006, following Baty's career as former Chairman of both Holiday Retirement and Emeritus Senior Living. Emeritus was sold to Brookdale Senior Living in 2014.
"We are pleased with the results of our joint venture with South Bay," said Todd Seneker, Portfolio Manager of Columbia Pacific's senior housing and diversified real estate strategies. "We were successful in leveraging our proven development model to improve the facility's cost structure and occupancy rates and, in turn, produce compelling returns for our limited partners."
In December 2014, Columbia Pacific sold the only stand-alone memory care property in Peoria, Illinois to a national healthcare REIT. Columbia Pacific developed the facility with South Bay Partners to capitalize on the significant demographic strength of the market and lack of sufficient Alzheimer's units. At the time of the transaction, the property had achieved 99% occupancy.