Assisting living facility in Manassas sells for $14.1 million
- July 14, 2014
Capitol Seniors Housing has purchased Sudley Manor House, a 78-bed assisted living and memory care community in Manassas, for $14.1 million.
According to Avison Young, which negotiated the sale, Capitol was among more than a dozen investors that submitted offers for the property at 7750 Garner Drive. Capitol Seniors Housing, based in Washington, D.C, says on its website that it has acquired or developed more than 40 seniors housing communities.The company is a joint venture operating partner with one of the largest university endowments in the United States, and it also partners with The Carlyle Group, a $157 billion global asset manager based in Washington.
“The great interest we received from REITS, fund advisors and regional operators demonstrates the tremendous interest in well-located, senior housing communities,” Matthew Clinebell, a principal with Avison Young, said in a statement.
The sale is the second seniors housing transaction brokered by Avison Young in the past six months. According to the commercial real estate services company, the new owner plans an extensive capital improvement program to update the facility and will retain The Arbor Co. to operate the community.
The seller is American Senior Living LC, the facility’s original developer.