The Cushman & Wakefield Senior Housing Capital Markets Group has arranged the recapitalization of Sagebrook Senior Living at Bellevue, a 108-unit assisted living and memory care community located in the affluent city of Bellevue, Washington just outside of downtown Seattle. The community was recapitalized by a venture of Auctus Capital Partners and a private equity investor. Altum Senior Living, a newly-formed senior housing operator, will take over operations.
Sagebrook Senior Living at Bellevue is a 108-unit assisted living and memory care community located in the incredibly affluent Bellevue, Washington market, ten miles due east of Seattle across Lake Washington. Sagebrook consists of 86 assisted living units and 22 memory care units spread across a beautiful two-building campus. The original building is a two-story structure originally developed in 1975 and renovated in 2015 and consists of 22 memory care units on the first floor and 55 assisted living units on the first and second floors. The newer building is a three-story building consisting of 31 assisted living units originally developed in 1990.
The Cushman & Wakefield team involved in the transaction included Vice Chair Director Richard Swartz, Executive Director Jay Wagner, Senior Director Aaron Rosenzweig, and Associate Sam Dylag.
“The Seattle and Bellevue area’s tremendous growth fosters an extremely attractive senior housing market and Sagebrook Bellevue is poised to continue to capitalize on these trends.” said Rosenzweig “We are incredibly pleased to see a prominent private equity investor partner with a new, promising senior housing operator to continue the successful stewardship of this community” added Swartz.
About Auctus Capital Partners
Auctus Capital Partners is a real estate investment firm with $650MM of assets under management and a focus on senior housing, commercial, and residential properties. With a proven track record and a transparent approach to real estate, Auctus invests in existing Assisted Living and Memory Care properties, new developments, residential, and various other investments across the U.S. Auctus currently has ownership interests in 20 multi-family properties totaling approximately 2,200 units and 8 senior housing properties totaling approximately 800 units in California and Washington.
As transaction counterparty, Auctus is well capitalized and provides quick execution coupled with experience to solve issues ahead of critical transaction deadlines. Auctus’ founder, Chris Rosenstock, has worked on a direct basis with some of the world’s largest global pension and private equity funds and has transaction experience in excess of $3.5 billion dollars. The Auctus team has completed transactions across most asset classes and acted as a sponsor, equity partner, developer and asset manager. Completed transactions include private and publicly traded real estate company acquisitions, note purchases, structured finance & single issuer securitizations and foreign direct investments into Asia.
About Altum Senior Living
Founded in 2018 by Chris Rosenstock, Altum Senior Living (“ASL”) is a newly created senior housing operating company focused on the Western US. Sagebrook will represent one of three initial properties that ASL will operate, the other located in the Sacramento MSA.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow@CushWake on Twitter.
