A unit of Strategic Student & Senior Housing Trust Inc. agreed to buy a 284-unit housing community in Portland, Ore., from an undisclosed seller for $92 million.
The Courtyard at Mt. Tabor property contains 199 independent living units, 73 assisted living units, 12 memory care units and a site intended for an additional 23 memory care units. The new memory care units are estimated to cost about $9.0 million, with completion expected after closing of the deal.
The company plans to employ a Real Estate Investment Trust Investment Diversification and Empowerment Act, or RIDEA, structure for the property and retain Integral Senior Living LLC as the operator.
Strategic expects to pay 70% of the purchase price with a $63.2 million loan from KeyBank NA, with the balance and the construction of the new units to be funded using any combination of net proceeds from an offering, a bridge loan and/or equity or debt financing from third parties or affiliates.
The deal is scheduled to close Aug. 31.