Morningstar at Happy Valley is an 87-unit assisted living and memory care community in the Greater Portland, Oregon, MSA
PORTLAND, Dec. 11, 2025 – JLL Capital Markets announced today that it has completed the sale and financing for Morningstar at Happy Valley, an 87-unit assisted living and memory care community in Portland, Oregon.
JLL’s Seniors Housing Capital Markets team marketed the property on behalf of the seller, Confluent Development. Harrison Street, in partnership with The Springs Living, purchased the asset and will rebrand it as The Springs at Sunnyside. The Springs Living will operate the community. Additionally, JLL secured a five-year acquisition loan for the buyer with Huntington National Bank, a long-term relationship lender for Harrison Street.
Completed in 2019, The Springs at Sunnyside offers 61 assisted living units across a mix of studios, one- and two-bedroom units in addition to 26 private memory care units. The three-story building offers residents all-day restaurant-style dining, a 24-hour bistro, chapel, theater, library, general store, massage room, outdoor courtyards, bbq and fire pit, beauty salon, fitness room and raised garden beds. Services on site include wellness programs and activities, a full-time licensed nurse, 24-hour care staff and scheduled transportation.
The property is located in Happy Valley, an affluent suburb of Portland. The surrounding community boasts impressive demographics with strong growth potential for senior housing.
JLL’s Seniors Housing Capital Markets team representing the seller was led by Senior Managing Directors Jay Wagner, Rick Swartz and Aaron Rosenzweig, Senior Directors Dan Baker and Jim Dooley and Director Dean Ferris.
JLL Senior Director Alanna Ellis led the financing efforts on behalf of the buyer.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Confluent Development
Based in Denver, Confluent Development is a commercial real estate development firm with more than 100 projects across the United States. To learn more, please visit: www.confluentdev.com.
About Harrison Street Asset Management
Harrison Street Asset Management is a leading global alternative investment management firm with over $105 billion in assets under management through highly differentiated assets across real estate, infrastructure, and credit strategies. Headquartered in Chicago, Toronto and London with over 600 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of 1,200+ institutional and over 300+ Registered Investment Advisors.1 For more information, visit www.hsam.com.
1. HSAM data and descriptions of HSAM’s business are generally comprised of the aggregated data and business activities of investment advisors that are owned in whole or in part by HSAM. Assets under management (“AUM”) reflects the AUM for the investment advisory and asset management clients of such investment advisors and is inclusive of the regulatory AUM of such investment advisors that is reported in their respective Form ADVs.
About The Springs Living
The Springs Living is headquartered in McMinnville, Oregon, and owns and operates senior living communities across Montanta, Oregon and Washington. To learn more about The Springs Living, please visit:www.thespringsliving.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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