Transforming Age, formerly known as Presbyterian Retirement Communities Northwest, acquired an eight-property portfolio totaling more than 1,000 units for $138 million. The portfolio, located across the Twin Cities, was acquired from a joint venture between Des Moines, Iowa-based LCS and Chicago-based Harrison Street Real Estate.
Student housing is increasingly becoming a global business. While we are just at the start of lending American student housing ingenuity to projects abroad, foreign investment has participated for some time in student housing investments here in the United States. At the same time, a number of U.S.-based investors are seeking to deploy capital abroad, where purpose-built student housing is practically in the embryo stage.
An investor group has paid about $150 million for a senior residence on New York’s Upper West Side, with plans to upgrade the facility and provide assisted-living and memory-care services. The Northwind Group, Harrison Street and the Engel Burman Group bought the 239-unit, 16-story art deco building at 305 West End Avenue.