Homestead at Hamilton is a 195-unit community offering independent and assisted living in addition to memory care, in Hamilton.
On June 24, Cushman & Wakefield announced it arranged the sale of the community for $97.5 million.
The firm’s Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin arranged the sale to Inspired Healthcare Capital, a DST [Delaware Statutory Trust] structured senior housing buyer. The four-story, Class A property was developed by Pike Senior Housing Partners LLC, an affiliate of Paterson-based Pike Construction Co. LLC.
“Homestead showed exceptional performance coming out of the pandemic and proved to be one of the rare, stabilized Class A assets in the market,” Swartz said in a statement. “Our team is thankful for the opportunity to represent Pike in another exciting deal.”
According to Cushman & Wakefield, Homestead at Hamilton maintained near 100% occupancy throughout 2021.
The “H”-shaped community offers 96 independent living units, 75 assisted living units — including 10 enhanced care units in a dedicated wing, and 24 memory care units. Independent units offer full kitchens and washer and dryers; assisted living units feature kitchenettes and storage space. The memory care units are located on two specific levels of the property, with dedicated amenities, and include kitchenettes.
The property’s amenities include a restaurant-style dining room, a pub, a card and game room, and exercise studio and fitness center, a rehab gym (in a partnership with Robert Wood Johnson Hospital), art studios, salons, two theaters and a performing arts studio.
Homestead at Hamilton is approximately 220,000 square feet, situated on a corner site measuring more than 20 acres, with accessibility to Interstate 195.
In 2019, Cushman & Wakefield Senior Housing Capital Markets arranged $57.3 million refinancing for the property.