IPA arranges sale of 276-unit independent living community
HARLEYSVILLE, PA — Institutional Property Advisors (IPA), a division of Marcus & Millichap announced the sale of Arbour Square of Harleysville, a 276-unit independent living community located in Harleysville. The seller is a Philadelphia-based seniors housing and multifamily development company. The buyer was Green Courte Partners, a Chicago-based real estate private equity group. Green Courte Partners chose to retain the current operator of the property, Heritage Senior Living, a Pennsylvania-based company which develops, owns, operates, and manages seniors housing communities located throughout the Mid-Atlantic region.
“The property was built in two phases. Upon completion of phase one in 2006, 151 units were opened, and an additional 125 units were opened with the completion of phase two in 2014. Since opening, phase two has experienced significant occupancy growth,” says IPA senior director Joshua Jandris. “The area’s positive demographics, namely an aging population with an average household income above $120,000, bodes well for the property’s long-term stability and performance.”
Jandris, along with ipa executive director Mark Myers, IPA associate director Charles Hilding and IPA Associate Andrew Hilding, represented the seller. Regional manager Brenton Baskin is Marcus & Millichap’s broker of record in Pennsylvania.
Arbour Square of Harleysville is located 35 miles northwest of downtown Philadelphia and is approximately nine miles away from Lansdale Hospital.