July 6, 2017— Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development, is pleased to announce the sale of two of its senior living communities – MorningStar of Wheat Ridge and MorningStar of Albuquerque.
Previously the owner of both projects, Confluent Senior Living co-developed each community with its operating partner MorningStar Senior Living. MorningStar will maintain its role as operator for the communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the new owner, Harbert Seniors Housing Fund I, LP.
Located in the Denver suburb of Wheat Ridge, the MorningStar of Wheat Ridge community was completed in March 2016. The 58,000-square-foot development includes 64 assisted living and memory care suites. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied.
Located in northwest Albuquerque, the MorningStar of Albuquerque community opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care suites. The project earned an Award of Excellence from NAIOP New Mexico and is currently 95.6 percent occupied.
“We’re thrilled with the successful sale of two quality senior living assets,” said John Reinsma, managing director of Confluent Senior Living. “These sales represent the strength of our senior living portfolio, with the projects fully stabilized and primed for a smooth transition of ownership fewer than 12 months after completion.”
Confluent and MorningStar have a strong history of partnering on senior living projects, having completed four previous projects in Arizona and Colorado, with two others currently under construction in Arvada, Colo. and West Des Moines, Iowa.
These Wheat Ridge and Albuquerque communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. The HFF investment sales team was led by senior managing directors Ryan Maconachy and Chad Lavender. HFF’s debt placement team was led by director Sarah Anderson.