09/20/2023 - Originally Published on The DI Wire: https://thediwire.com/inspired-healthcare-capital-buys-41-million-property-for-dst-offering/
Inspired Healthcare Capital LLC, a private equity firm specializing in senior housing investments, announced that they acquired a 122-unit senior living community in North Haven, Connecticut.
The property, The Landing at North Haven, was acquired by Inspired Healthcare for $41.1 million from Columbia Wegman North Haven LLC, an affiliate of Columbia Pacific Advisors LLC.
Built in 2019, IHC says the two-story facility and 11-acre property has a total appraised value of $42.6 million.
Blueprint HCRE real estate advisors, which assisted in the deal, said in a statement that lease-up progress for the “high-performing” facility was solid through COVID, with strong rates and margins, “leading to meaningful cash flow when occupancy started to approach stabilization in 2022. Seeing the performance trend, the ownership group decided to pursue an opportunistic disposition ahead of plan to lock in returns and return capital to investors early in the fund’s life.”
“We are thrilled that North Haven marks Inspired Healthcare Capital’s sixth DST closing of 2023 and 27th DST closing in the past three years,” said Patrick Lam, Inspired Healthcare’s president of capital markets. “More importantly, we are fortunate that we have always been able to close on our DSTs. We understand the trust that investors put in us, and so does our entire team, who tirelessly work to find great properties that will make the best-in-class offerings.”
The offering is structured to generate investor distributions at an annualized rate of 5.25%, the company said.
Inspired Healthcare Capital LLC is an alternative investment sponsor that focuses on senior housing and has more than $1.3 billion in assets under management. Their investment offerings include Delaware statutory trusts, income funds and development funds.