American Capital Group, Artemis Real Estate Partners and MorningStar Senior Living have acquired two senior living development projects. No financial terms were disclosed. The projects will operate under the brand names MorningStar Senior Living of Kirkland and MorningStar Senior Living of Hillsboro, respectively.
KIRKLAND, Wash. & HILLSBORO, Ore.–(BUSINESS WIRE)–American Capital Group (“ACG”), Artemis Real Estate Partners (“Artemis”) and MorningStar Senior Living today announced they have completed the acquisition of two independent senior living development projects situated adjacent to the previously announced Lifebridge Kirkland Apartments in Kirkland, Wash. and the Amberglen Apartments in Hillsboro, Ore. The projects will operate under the brand names MorningStar Senior Living of Kirkland and MorningStar Senior Living of Hillsboro, respectively.
MorningStar Senior Living of Kirkland will offer 151 independent living units as well as a full-service kitchen, pool, spa, fitness center and direct access to both private and public walking paths, promoting a healthy lifestyle for its senior residents. The community is less than a mile from Evergreen Medical Center, the #4 ranked hospital in Washington, and within a ten-mile radius of 11 hospitals offering emergency services. In spite of rapid population growth in the Kirkland area, no additional independent senior living units are currently under construction within a five-mile radius of the project.
“At ACG, we recognized we could do more than just offer premier multifamily units to the burgeoning Pacific Northwest population by creating nearby residences for senior family members, allowing extended, multigenerational families to remain in proximity. Today’s announcement demonstrates our commitment to investing in our communities and creating the best environment possible for our residents. We look forward to repeating and extending this holistic life strategy in several key regions across the United States,” said B.J. Kuula, President, ACG.
MorningStar Senior Living of Hillsboro will offer 141 residential units in the 5th largest city in Oregon, which, while having the largest percentage population increase of any city in Oregon since 2010, also has no independent living communities under construction within a seven-mile radius of the project. The community boasts over a dozen public parks within a one-mile radius and seven hospitals within a ten-mile radius, and will offer a full-service kitchen, pool, spa, and fitness center to promote a healthy lifestyle for senior residents.
“We are fortunate to be well-positioned to capitalize on this attractive market opportunity to acquire these Class A senior living communities,” said Kelly Sheehy, Managing Director, Artemis. “We look forward to creating the best living environments possible and attracting even greater populations to these high growth markets.”
“We are proud to partner with American Capital Group and Artemis Real Estate Partners in opening our first community in Washington and our third in Oregon,” said Matt Turner, Managing Partner, MorningStar Senior Living. “These two projects will combine hospitality with beautiful and functional design focused on dignity, wellness and community, all working to deliver upon MorningStar’s unique brand promise to seniors and their families.”
ACG’s current development portfolio in the Pacific Northwest includes, to name a few, the 409-residential-unit Lifebridge Kirkland Apartments, the 352-residential-unit Amberglen Apartments, the 239-unit Kinect @ Lynnwood apartment project, and the 140-unit Kinect @ Broadway apartment project.
Founded in 1986, ACG is an experienced, vertically integrated, locally based real estate company that designs, develops, builds, acquires and manages multifamily properties. With a focus on suburban multifamily opportunities in the Western U.S., ACG has developed and acquired more than 80 properties totaling over 16,000 units across 10 states. ACG’s current portfolio consists of approximately $1.5 billion in assets under management.
For more information visit: www.acg.com
About Artemis Real Estate Partners
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, D.C., with offices in New York City, Los Angeles and Atlanta. Artemis has raised over $4.7 billion of institutional capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, office, industrial, retail, hospitality, senior housing and medical office. Artemis invests both directly and via joint ventures with established, emerging and diverse operating partners. More information can be found at www.artemisrep.com.
Founded in 2003 by Ken Jaeger and headquartered in Denver, Colorado, MorningStar Senior Living is a fully integrated developer, owner and operator of premier retirement communities. From its first community in Littleton, Colorado, in 2006, the MorningStar difference was manifest: all the amenities of a resort infused with the warmth of a real home. Seventeen years later MorningStar has become a landmark name in senior housing, celebrated in part for its philanthropic initiatives. Its portfolio encompasses over 30 communities and 4,000 units under operation or development throughout the United States.
For more information, visit MorningStarSeniorLiving.com.