RADNOR, PA - An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the U.S., has acquired King City Senior Village, an independent living multifamily community in the greater Portland submarket of King City, Oregon, according to Peter Scola, founder and Co-CEO of Livingston Street Capital.
This is the first West Coast addition to the firm’s 55+ active adult and independent living portfolio and comes on the heels of four recent property acquisitions in the sector by Livingston affiliates, including Schuyler Commons, a 144-unit community in Utica, New York; Glenmont Abbey Village, a 148-unit community near Albany, New York; Hanover Place, a 150-unit community in the Chicago suburb of Tinley Park, Illinois; and Alta at Regency Crest, a 150-unit community in the Baltimore suburb of Ellicott City, Maryland.
“We’re focused on identifying Core, Core-Plus, and Light Value-Add communities throughout the country that facilitate the lifestyles today’s 55+ residents desire, based on our expertise in the active adult and independent living sectors,” says Scola. “King City Senior Village is well aligned with this strategy, due to its appealing location and established emphasis on providing a range of wellness-minded activities and engaging social programs.”
As of September 2020, 40% of the country’s Baby Boomer generation, which totaled 71.6 million in 2019, is retired. Livingston Street has long anticipated this rapidly growing demand for housing that provides both quality and value for one of the largest segments of the U.S. population, Scola notes.
“As one of the few firms in the country whose principal focus in the residential sector are active adult 55+ and independent living communities, we are tuned into the demand by the majority of Baby Boomers for dynamic, autonomous lifestyles and are drawn to assets that exemplify this,” explains Scola. “King City was originally established as an age-restricted community in the 1960s and maintained its reputation throughout the years as an ideal location for retirement. The property is situated in the picturesque Pacific Northwest, just 10 miles from Downtown Portland, providing exceptional suburban living with easy access to the city.”
“The significant affluent, aging population within just a few miles of the property will likely serve as a strong resident base for years to come,” continues Scola. “King City Senior Village offers recently renovated product at a competitive price, further driving the community’s appeal.”
Located near several convenient retail amenities and the thriving communities of Tigard, Beaverton, and Portland, King City Senior Village consists of studio, one-, and two-bedroom apartment homes, as well as spacious duplex cottages. The property features beautiful gardens and a greenhouse for resident use; an on-site beauty and barber shop; and a dining room, outdoor patio, and Bistro lounge.
Residents also benefit from social, cultural, and recreational activities; 24-hour on-site staff; weekly housekeeping and linen services; and scheduled transportation seven days a week.
About Livingston Street Capital: Livingston Street Capital, LLC is a boutique private equity firm focused on commercial real estate investments throughout the United States. The company has largely been focused on core and core-plus investments across a range of sectors and has begun to aggregate a portfolio of core and core-plus active adult and independent living communities during the last two years. Based in Radnor, PA and New York City, Livingston has acquired approximately 1.1 million square feet of office, medical office and industrial assets as well as more than 700 units of active adult and independent living properties to date. The company was founded by Peter Scola and Joseph Fox who have successfully led more than $20 billion of real estate transactions throughout their careers.