Overview
Cushman & Wakefield Senior Living Capital Markets has been exclusively retained by Bridge Investment Group to sell The Terrace at Chestnut Hill (the “Property” or “Community”). Built in 1987 and renovated in 2012, the Property is operated by Bridge Senior Living. It is comprised of 103 units / 111 beds of Personal Care (PC) and Memory Care (MC). Occupancy at the Property has grown 2870 bps since 2022 with current occupancy at 84.7% and an 18% margin. With limited new supply in the primary market, and demonstrated depth of market demand, the Terrace at Chestnut Hill is well-positioned for an investor to capitalize on strong occupancy growth, increasing level of care costs and other income driving bottom-line margin.
Investment Highlights
CLEAR RATE GROWTH, NOI UPSIDE
The occupancy at the Property has grown 2870 bps since 2022 with in-place rental rates well below their respective primary market averages. There is an opportunity to mark-to-market through steady and incremental rental rate growth. With stabilized in-place operations, all additional revenue will flow to the bottom line.
EXCELLENT UNDERLYING DEMOGRAPHICS
The Property is in Chestnut Hill PA, a vibrant and walkable neighborhood known for its historic architecture, tree-lined streets, and a good mix of residential and commercial areas. The target resident population within the pespective primary market continues to grow at a pace at or above the National indications, with the 5-mile radius 75+ year growth rate rising above the national average at 3.95%.
ENGAGING LIFESTYLE PROGRAMS AND PERSONALIZED CARE OPTIONS
The Property offers a comprehensive range of fitness and on-site medical services, including primary care, ophthalmology and pharmaceutical services. Personal Care, memory care, and respite care are all tailored to individual needs and residents can enjoy a variety of social activities / amenities.
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Investment Sales Team
