MorningStar Senior Living announced a new relationship with Ventas, Inc., with Ventas acquiring a 148-unit complex in Everett for $54.7 million.
“We are thrilled to launch our relationship with Ventas through their acquisition of our beautiful Silver Lake community,” said Jamie Ranzan, President & Chief Investment Officer of MorningStar. When MorningStar assumed management of this 148-unit independent and assisted living community in 2021 it was census-challenged. Today it maintains nearly full occupancy.
Ventas bought the property from Artemis Real Estate Partners. Artemis acquired the property at 520 112th St. SW in 2018 for $30.3 million, and MorningStar began operating the facility in 2021, reported the Puget Sound Business Journal.
The complex, developed in 2002, totals 155,600 square feet. It has a mix of assisted living and independent living units, including 95 one-bedroom units, 49 two-bedroom units and four studios.
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