Paterson-based Pike Construction Co. said its subsidiary, Pike Senior Housing Partners, in conjunction with Solvere Living, sold Homestead at Hamilton Senior Living Community in Hamilton to Inspired Healthcare Capital for $98 million.
Cushman & Wakefield represented Pike and Solvere in the sale of the property.
The 24-acre, 195-unit community broke ground in 2015 and was completed in December 2017. Homestead at Hamilton provides rental housing and support services for seniors, from independent and assisted living to memory care. Currently, the facility has a 98% occupancy rate.
Separately, Pike Construction said its subsidiary Pike Properties opened Thrive at Montvale Senior Living Community, an innovative, senior complex with luxury design features that encourage social interaction.
“Looking more like a luxury resort than a senior housing complex, this facility is not typical of senior housing in the region,” according to David Weiner, managing member of Pike Properties.
Thrive at Montvale is a 215,000-square-foot facility comprised of 203 rental units, 90 independent living units, 81 assisted living units and 32 memory care units.
Thrive at Montvale is the first project of a partnership between Thrive Senior Living of Atlanta and Pike Properties.
Thrive Senior Living operates the facility and provides management and marketing services. Thrive was also the primary driver in the design philosophy, making this community facility unique to the region.
Pike Properties LLC acquired the property, codeveloped the project along with Thrive and acted as the contractor on the project, which broke ground in October 2019.
With the assistance of Cushman & Wakefield, the project funding was provided by Wells Fargo as the senior lender and AEW as the capital partner.
Thrive Senior Living and Pike Properties have several new projects planned with prospective senior housing developments in Morris and Somerset counties.