Strategic Student & Senior Housing Trust has acquired Courtyard at Mt. Tabor, a continuum-of-care senior housing community offering 286 units of independent living, assisted living and memory care in Portland, Oregon.
SSSHT purchased the facility for $92 million.
Courtyard at Mt. Tabor is currently 94 percent occupied and 100 percent private pay. An expansion project that will add an additional 23-unit memory care building to the facility is scheduled to break ground in the fall of 2018.
“As an established, award-winning retirement community, Courtyard at Mt. Tabor aligns perfectly with our strategy to acquire stabilized properties that also offer an opportunity to enhance value through operational or structural improvements,” said John Strockis, chief investment officer. “The property also benefits from its ideal location in Portland, a welcoming city with premier senior housing fundamentals and high cultural acceptance of senior living communities. This property is Strategic Student & Senior Housing Trust’s fourth senior housing acquisition and a welcome addition to our diversified and growing real estate portfolio.”
Courtyard at Mt. Tabor is a full-service retirement community that offers extensive dining service options, wellness care and activities, transportation, personal care and support services, housekeeping, and a 24-hour front desk staff. The property received the Caring Stars award in 2015 and 2016, a program that honors the best senior living communities in the United States based on consumer reviews.
