Berkadia announced today the sale of a pair of full acuity senior living communities in Northwest Arkansas. Village on the Park Bentonville and Village on the Park Rogers, located approximately 10 miles apart, offer a total of 208 units of independent living, assisted living, and memory care services, as well as contiguous land at each community for further expansion opportunities.
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The communities have a history of strong occupancy and performance. The properties are located in the Bentonville market and in Rogers, Arkansas, home to Walmart’s headquarters.
Senior Managing Directors Cody Tremper, Dave Fasano, Ross Sanders, and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a joint venture between Harrison Street Asset Management, a leading global alternative investment management firm with more than $108 billion in assets under management across infrastructure, real estate and credit strategies, and Bridgewood Property Company, a Houston-based developer, owner, and operator of premier senior living communities.
Bridgewood’s wholly owned management company, The Aspenwood Company, will continue managing the property for its new owner, a publicly traded REIT.
Additionally, Senior Director Brooks Minford of Berkadia Seniors Housing & Healthcare Berkadia completed the sale of Tessera of Brandon, a 138-unit assisted living and memory care community in Brandon, Florida, approximately 10 miles east of Downtown Tampa. The seller was a Tampa-based developer. The community was purchased by Providence Senior Living, a Florida based owner and operator of seniors housing.
Providence plans to implement a series of capital renovations and operational enhancements at the community.
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