In its exclusive representation of Morningside Development and Living Care Lifestyles, Cushman & Wakefield Senior Housing Capital Markets arranged the sale of Quail Park of Klamath Falls, a 115-unit independent living, assisted living and memory care community located in Klamath Falls, Oregon. The community was purchased by MBK Senior Living, who will also operate the community.
Quail Park of Klamath Falls is situated on a sprawling 15-acre campus and is comprised of a three-story 67-unit independent and assisted living building, a 2015 purpose built single-story 28-unit / 44-bed stand-alone memory care building, and ten freestanding IL cottages (20 units). The independent and assisted living building was built in 1996 and was recently renovated with over $1.0 million spent in 2014. Quail Park of Klamath Falls is located in the bucolic and consistently strong senior housing market of Klamath Falls in southern Oregon. The memory care expansion at the community, named Quail Park at Crystal Terrace, is the newest senior housing offering in the market in fifteen years and serves as a strong competitive advantage for the community.
The Cushman & Wakefield team involved in the transaction included Executive Managing Director Richard Swartz, Executive Director Jay Wagner, Senior Director Aaron Rosenzweig and Associate Caryn Donahue.
“Quail Park represents the strongest senior housing asset in the Klamath Falls market,” remarked Rosenzweig. “The successful transaction demonstrates continued demand for high-quality and best-in-market senior housing product.”
About Morningside Development Group
Morningside Development Group (MDG is a senior housing developer primarily focused on the west coast. They work with LCG Pence Construction, Inc. and Living Care to produce timely, high quality, cost effective and profitable senior living projects. With current projects in California and throughout the state of Washington, Morningside Development Group is well positioned to develop senior projects within the western United States. Their team of partners offers a diverse background in acquisition, finance, planning, permitting and construction. Current projects range in scope from 70 units to 359 units on 26 acres. These developments are designed to accommodate the most active, independent seniors to those individuals needing assistance with multiple activities of daily living.
Morningside Development Group has developed several residential plats as part of, or independent from, senior projects since its inception. Several senior projects include cottage communities, which require the expertise MDG has developed over the years to analyze and address the challenges and complexities that are associated with developing individual residential units with a larger scale residential facility. For more information, please visit http://www.msdevelopmentgroup.com/
About Living Care Lifestyles
Living Care Lifestyles is a leader in senior care, providing innovative wellness programs resulting in high quality lifestyles for their Residents, while providing the best resources to their Team Members, at all times. With communities in Washington, Oregon, California, Texas and Arizona, Living Care is a west coast based owner and operator with a team that has more than 80 years of experience in the senior living industry. For more information visit http://www.livingcarelifestyles.com/
About MBK Senior Living
MBK Senior Living (“MBK”) owns, operates and develops senior living communities providing standalone services or a combination of Independent Living, Assisted Living and Memory Care services. For over 20 years, they have focused on building an experienced operations team whose skilled management adds value to both their existing community assets and new acquisitions.
Based in Irvine, CA, MBK Senior Living is a subsidiary of MBK Real Estate which is supported by the vast financial strength and global resources of its parent company, Mitsui & Co., Ltd. MBK is a low-leverage, high-equity investor with the ability to complete an all-cash transaction based on the particular opportunity at hand. They are actively seeking acquisition and development opportunities throughout the Western United States. For more information, please visit https://www.mbkseniorliving.com/
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.