Hamilton, NJ – June 24, 2022 – Cushman & Wakefield announced today that the real estate services firm has arranged the sale of Homestead at Hamilton, a 195-unit independent living, assisted living and memory care community in Hamilton, New Jersey. The final sale price was $97,500,000.
The community, which was leased to nearly 100% occupancy in 2021 and sustained stabilized performance, offers the only full continuum service in the market. The property was developed by Pike Senior Housing Partners, LLC, an affiliate of Pike Construction Co LLC, a seasoned contractor and developer throughout New Jersey for over 60 years, that has built 40 senior housing and nursing care communities. The property was acquired by Inspired Healthcare Capital, a DST structured senior housing buyer.
The four-story, Class A property is nearly 220,000 square feet situated on a corner site of more than 20 acres located less than a mile from Interstate 195, 30 minutes from Princeton, 60 minutes from New York City and 45 minutes from Philadelphia. The community is a sprawling “H”-shaped building with 96 independent living units; 75 assisted living units, including 10 enhanced care units in a dedicated wing; and 24 memory care units.
The property features a full selection of amenities including a restaurant-style dining room, a pub, a card and game room, an exercise studio and fitness center, a rehab gym partnered with Robert Wood Johnson Hospital, art studios, multiple salons, two theatres and a performing arts studio. Independent living apartments are the largest in the market and offer full kitchens and washer/dryer units, while assisted living units have kitchenettes and ample storage space. Memory care units are located on two levels and include kitchenettes and a full set of dedicated amenities on each level.
Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin arranged the sale.
“Homestead showed exceptional performance coming out of the pandemic and proved to be one of the rare, stabilized Class A assets in the market. Our team is thankful for the opportunity to represent Pike in another exciting deal,” said Swartz.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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