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Bluestone, Brentwood Pay $75M for Virginia Senior Housing The new owners will implement a multimillion dollar capital improvement plan on the 950-unit property in Richmond. Mar022021 Image via Google Maps A joint venture of The Bluestone Group and Brentwood Investment Group has purchased Imperial Plaza, a 950-unit, four-building senior housing property in Richmond, Va., for $75 million. According to Richmond BizSense, Dominion Partners was the seller, while Arbor Commercial Mortgage provided partial financing for the buyers. Dominion picked up the asset that encompasses independent living, assisted living and memory care services, back in 2001, public records show. Located at 1717 Bellevue Ave. on 22 acres at the juncture of interstates 64, 95 and 195, the plot sits across the street from Bryan Park and 6 miles northwest of downtown Richmond. ....
Harrison Street Picks Up Boston-Area Senior Asset The 90-unit community in Watertown, Mass., offers independent and assisted living, along with memory care services. Feb152021 Image via Google Maps Harrison Street Real Estate Capital, along with partner LCB Senior Living, has purchased The Residence at Watertown Square, a 90-unit senior community in Watertown, Mass. Newmark arranged the acquisition financing for the buyers. Last September, LCB broke ground on The Residence at Penniman Hill, another 90-unit senior community outside of Boston. According to the New England Real Estate Journal, LCB is the original developer of the asset that broke ground in mid-2013 and opened its doors in 2014. Three years after its completion, LCB along with Washington Capital Management received a $45 million recapitalization loan, arranged by Cushman & Wakefield, as reported by ....