Kansas City, Missouri-based NorthPoint Development has exited senior living by selling a 12-property portfolio to Chicago-based CA Senior Living.
Previously under the Stonecrest brand, the communities will be operated by Anthology Senior Living going forward. Anthology is the operating arm of CA Senior Living, which is part of Chicago-based development and investment firm CA Ventures.
One former Stonecrest community that is under development in Kansas City — Stonecrest at the Plaza — is listed on the Anthology website as Anthology of the Plaza. That $28.5 million, 104-bed project is scheduled to open this summer, according to the Kansas City Business Journal.
Ross Sanders and David Fasano were the brokers who represented the seller. They currently are with the senior housing and care team of Newmark Knight Frank, based out of Dallas.
“We are excited to have created a very competitive bidding process which produced a great outcome for both parties involved,” Sanders told Senior Housing News. He and Fasano declined to share the acquisition price or identify the buyer.
Another person with knowledge of the deal identified CA Senior Living as the buyer when reached by SHN.
Anthology was founded last year. It operates 16 communities across Missouri, Indiana, Michigan, Kentucky, Texas, Connecticut, Ohio, and Pennsylvania, offering independent living, assisted living and memory care.
CA Senior Living was formed in 2015 and has since pursued development with operating partners such as Senior Lifestyle Corp. and Pathway to Living, both based in Chicago.
NorthPoint Development declined to comment for this story.
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Source: Senior Housing News