FOR IMMEDIATE RELEASE
LOS ANGELES, May 10, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of two high-quality seniors housing residences, the 65,894-square foot, 90-unit Inn at Robbins Brook in Acton, Mass. and the 78,228-square foot, 104-unit Forge Hill Senior Living in Franklin, Mass. Total consideration paid for the two facilities was $43 million, equating to $221,650 per unit and approximately $300 per square foot.
Mike Pardoll, a senior vice president investments and a senior director of the firm’s National Seniors Housing Group in Charlotte, and Christopher Hyldahl, a senior associate in the West Los Angeles office, represented the seller, an entity affiliated with Westport Capital Partners LLC, a real estate-focused institutional investment firm based in Westport, Conn.
Pardoll and Hyldahl also represented the buyer, a Boston-based investment real estate firm. Todd Tremblay, a senior associate in the firm’s Boston office, also provided representation.
“We were pleased to have met our client’s objectives by making a market at a time when many in the industry perceive a bid-ask gap, says Hyldahl.
Located approximately 24 miles northwest of Boston, the Inn at Robbins Brook is an upscale assisted living residence. The property was constructed in 2000 on four acres.
Forge Hill Senior Living is an upscale, independent and assisted living community located on 3.98 acres approximately 43 miles southwest of the Greater Boston area.
With more than 1,200 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 3,441 transactions in 2009, the largest of any firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
Stacey Corso Public Relations Manager