Harrison Street announced the sale of three senior living properties — Clarendale of St. Peters, in St. Peters, Mo.; Clarendale of Chandler in Chandler, Ariz.; and Clarendale at Indian Lake in Hendersonville, Tenn. — to Inland Real Estate Group.
Harrison Street developed the three high-end senior living communities in a joint venture with Ryan Cos. and Life Care Services. The properties comprise 635 senior living units and the aggregate portfolio is currently 92 percent leased. Given strong operational success across properties in recent years, Harrison Street’s strategically timed exit will drive liquidity on behalf of the firm’s investors.
"The successful sale of these properties highlights the ongoing investor interest in gaining exposure to high-quality senior living assets at a time when there are few institutional quality portfolios in the market and new construction is at a 10-year low,” said Ben Mohns, head of asset management – North America at Har
