Marcus & Millichap Real Estate Investment Services has brokered the sale of two seniors housing residences, the 65,894 s/f, 90-unit Inn at Robbins Brook in Acton, and the 78,228 s/f, 104-unit Forge Hill Senior Living in Franklin, Mass. Both facilities commanded a price of $43 million, or $221,650 per unit and approximately $300 per s/f.
Mike Pardoll, a senior vice president investments and a senior director of the firm's National Seniors Housing Group in Charlotte, and Christopher Hyldahl, a senior associate in the West Los Angeles office, represented the seller, an entity affiliated with Westport Capital Partners LLC, a real estate-focused institutional investment firm based in Westport, Conn.
Pardoll and Hyldahl also represented the buyer, a Boston-based investment real estate firm. Todd Tremblay, a senior associate in the firm's Boston office, also provided representation.
"We were pleased to have met our client's objectives at a time when many in the industry perceive a bid-ask gap," said Hyldahl.
Located approximately 24 miles northwest of Boston, the Inn at Robbins Brook is an upscale assisted-living residence. The property was constructed in 2000 on four acres.
Forge Hill Senior Living is an upscale, independent and assisted-living community located on 3.98 acres approximately 43 miles southwest of the greater Boston area.