The booming senior housing market has fueled the largest real estate deal of the year in Chesterfield County.
California-based Griffin-American Healthcare REIT III purchased the 200,000-square-foot Crossings at Bon Air for $56.6 million in a deal that closed Sept. 15.
The facility sits on 9.4 acres at 9100 Bon Air Crossings Road and houses 186 units that offer services for seniors including independent living, assisted living and care for Alzheimer’s and dementia patients.
“It’s a beautiful facility,” said Danny Prosky, the REIT’s president. “We buy these types of assets all over the country.”
Built in 2009, the Crossings at Bon Air was developed and sold to Griffin-American by Roanoke-based Smith/Packett, a senior care investment developer. Smith/Packett did not return requests for comment.
Prosky said the deal had been in the works for about six months.
“We had a loan that needed to be assumed, which is what slowed down closing,” he said.
The facility was about 93 percent leased at the time of sale, he said. It sits near the corner of Midlothian Turnpike and North Pinetta Drive, behind another senior living facility, the 124-bed Laurels of Bon Air.
Griffin-American has no immediate plans to renovate or change the property, Prosky said. According to its website, the Crossings at Bon Air is managed by Harmony Senior Services, a company created to manage all of Smith/Packett’s facilities.
Founded in late 2014, Griffin-American is co-funded by Healthcare Investors and Griffin Capital Corp., both California-based companies. As of mid-August, it has invested $1.03 billion and acquired 67 healthcare-related properties throughout the country. The REIT has one other skilled nursing facility west of Richmond, Prosky said.
Senior living facilities have surged in Chesterfield in recent years. Bickford Senior Living’s property is rising now, Memory Care Centers of America is setting up shop along the Watkins Centre Parkway and HHHunt is building a $12 million facility in Midlothian.
The $56 million spent on the Crossings topped the $27.4 million sale of the 296-unit Huguenot Apartments in May, which had been the highest priced real estate deal of the year in Chesterfield up to this point.