Greystone Closes $17M Sale of Two New York State Memory Care Communities
July 23, 2018
Category: Seniors Housing
Greystone announced its Real Estate Advisors group closed the $17,000,000 sale of two 46-unit memory care communities in upstate New York, Peregrine Senior Living at Clifton Park and Peregrine Senior Living at Orchard Park. A private equity group purchased them from a publicly-traded REIT on June 29, 2018. Peregrine Senior Living will continue to operate the communities going forward. Mike Garbers and Cody Tremper represented the seller in the transaction.
Peregrine Senior Living at Clifton Park is located on a 5.25-acre site in Clifton Park, a northern suburb of Albany. Peregrine Senior Living at Orchard Park is located on a 4.49-acre site in Orchard Park, a southern suburb of Buffalo. The communities have strong occupancy rates, with a combined occupancy of 93.9% at closing.