WADSWORTH, OH—Senquest Senior Living, a division of Los Angeles-based Titan Real Estate Investment Group Inc., has acquired the 137-unit Liberty Residence I and II here for $12 million.
The independent and assisted living property, located near Akron, was 91 percent occupied at the time of sale. Jacob Gehl, a broker with Marcus & Millichap, handled the transaction for both parties.
Doug Allen, head of acquisitions for SenQuest, said in a statement that the firm is expanding its senior portfolio and plans to invest $100 million in properties this year. He said that this property is representative of the type of senior living communities that are currently in high demand nationwide.
“Liberty Residence is located in a community where residents have lived most of their lives, nearby loved ones, and offers comfortable housing in a healthy, enjoyable environment that provides all the services older adults want and need to continue living independently as they age,” Allen said. “Properties like this will help us realize our investment philosophy that senior housing is more than just a business, providing an appropriate residential solution that ensures our parents and grandparents retain a comfortable lifestyle of independence and dignity, consistent with their health and mobility status.”
SenQuest has been on a recent acquisition mode, acquiring two senior communities in the Dallas-Fort Worth metro area: Montclair Estates, a 111-unit community in Garland and Corinthians Retirement Community, a 120-unit community in Carrollton. “Our facilities are accessible to seniors with a limited nest egg, as there is no endowment or entry fee required, and support independence through sensitive management, solid infrastructure, expanded community and active social lifestyle,” Allen said.