Business & Tech
Crabapple Assisted Living Facility Sold
The new owners of Arbor Terrace at Crabapple plan to keep the existing management team.
A Boston-based real estate investment trust sold Arbor Terrace at Crabapple to Prudential Real Estate Investors out of Atlanta.
The 93-unit class A assisted living and memory care community located in Crabapple was sold with the help of ARA Seniors Housing, according to Mike Garbers.
The ARA Seniors Housing representative said his firm represented AEW Capital Management for one of its institutional investors.
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Arbor Terrace has 67 assisted living units and 26 memory care units in a two-story building that was built in 2009.
Garber said ARA was engaged in February. The property was marketed and sold within a short timeframe because it had 99 percent occupancy, making it fully stabilized. He said, "the seller saw an excellent opportunity to sell in a very compelling market.
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"Both ARA and the seller were also pleased that the buyer wanted to keep the existing management team in place, providing continuity for both the residents and the staff," Garber said.
The sales price was not released.
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