Harrison Street Trades Trio of Senior Living Assets to Inland

Harrison Street has sold three senior living properties, Clarendale of St. Peters, Clarendale of Chandler and Clarendale at Indian Lake, to Inland Real Estate Group. Chicago-based Harrison Street developed the three high-end senior living communities located in St. Peters, MO; Chandler, AZ; and Hendersonville, TN in a joint venture with Ryan Companies and Life Care Services.

The properties comprise 635 senior living units and are 92% leased. Although the sale price was not disclosed, published reports last year said Harrison Street sold another Clarendale-branded property in Algonquin, IL to Inland for $63 million, or roughly $338,000 per unit.

“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 Harrison Street. “We are committed to working with partners to develop top-tier senior housing communities that address the evolving needs of our aging population, and then identify the optimal time to engage in portfolio sales to generate liquidity on behalf of our investors.”

Pictured: Clarendale of St. Peters.