CHICAGO, IL – Waterton, a Chicago-based real estate investor and operator, announced it has bought a controlling interest in Pathway to Living operating company, a Chicago-based owner and operator of senior living communities with an established senior living brand and a well-respected operating and investment track record spanning over 20 years. Similar to Waterton, Pathway to Living is vertically integrated, with full-service teams handling acquisitions, development and management of senior living communities.

“The relationship started in 2015 with Waterton holding a 50 percent interest and three out of six board seats on the Pathway to Living board, and was increased to a controlling interest of 80 percent in 2019.  We have been making investment decisions alongside Pathway to Living for five years,” said David Schwartz, CEO, chairman and co-founder of Waterton. “Pathway to Living’s vertically integrated operations and its steadfast commitment to a brand known for providing exceptional care to residents have proven to be instrumental in its success.”

The strategic partnership between the two companies brings together complementary strengths and expertise to take advantage of growth opportunities within a high barrier to entry sector benefitting from favorable and sustainable long-term fundamentals.  Waterton and Pathway to Living will continue to focus on addressing middle-income demand in the sector through value-add acquisition and development to offer a continuum of care ranging from age restricted communities to independent living (IL) through helped living (AL) and memory care (MC).

“The Pathway to Living team is excited to partner with Waterton which will allow us to build on our strong reputation, while making a more diversified senior living company and skill set with high quality growth potential for capital partners and associates,” said Jerry Finis, Chief Executive Officer of Pathway to Living.

“The need for contemporary senior housing options that address the needs of today’s seniors and their families is reaching unprecedented levels,” said Schwartz. “Through our work with Pathway to Living, we intend to continue providing seniors and their families with attainable housing options that offer a robust social experience combined with physical spaces that help make an overall sense of well-being.  The size and above-average growth of the population over age 65 is a clear indicator of the need for modern housing options for older adults.” 

Pathway to Living owns and/or manages 29 communities comprising over 2,600 units.  Additionally, three communities are currently under development with plotted delivery dates in 2019 and 2020 totaling over 300 units. The firm is well-known for its engaging programs and activities, resident and family relations, commitment to staff education and technology advances in operations and management.  

“I see tremendous opportunity on the horizon in the senior sector,” said Schwartz. “This asset class continues to see steadily attractive investment spreads, and this marriage of investment experience and development and operational know-how between Waterton and Pathway to Living will be attractive to capital partners while addressing an vital societal need.”

Powered by WPeMatico

KANSAS CITY, MO – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 909 Walnut, a 34-tale Art Deco-Gothic Revival-style building in Downtown Kansas City, Missouri. The asset sold for $50.3 million and includes an eight-tale office building and adjacent parking garage. The property is the second-tallest residential tower in the Midwest outside of Chicago.

“This was a complicated deal involving real estate tax abatement, 152 luxury apartments in a broken condominium project, a parking garage, a publicly traded real estate investment trust as a commercial tenant and tax increment financing,” said Daniel Burkons, IPA senior managing director. “The developer did a miraculous job restoring the property to its former glory in 2005. The first four floors, including the giant former bank lobby, were converted to incredible single-tenant Class A office space occupied by EPR Properties as their national headquarters. The top 30 floors were transformed into luxury condominium-style residences.”

Burkons, Michael Barron and Joshua Wintermute, IPA senior directors, and Max Helgeson of IPA represented the seller, a Dallas-based private investor. The buyer is an affiliate of Worcester Communities. Bradley Barham is Marcus & Millichap’s broker of record in Missouri.

“We brought in many interested groups from across the country and some international buyers, which ultimately resulted in a dozen bids for this highly unique property,” remarked Barron. “Few Midwest properties have attracted these types of institutional buyers.”

Built in 1931 as the headquarters of Fidelity National Bank—liquidated in the Fantastic Depression before the building was completed—909 Walnut now has 152 luxury apartments, 55,238 square feet of office space and a 310-space automated parking facility. The building is centrally located in Kansas City’s main business area between the historic riverfront River Market and the Power & Light District. The Kauffman Center for the Performing Arts, Kansas City Convention Center, Crossroads Art District, Sprint Center and all other major downtown employers, cultural, sports, dining and performing arts destinations are within walking distance or reachable by streetcar.

Powered by WPeMatico

JEFFERSONVILLE, IN – Waypoint Residential, a vertically integrated real estate investment management firm specializing in the U.S. rental housing sector, announced that it will develop The Walcott Jeffersonville. This 214-unit Class A multifamily property will be located in Jeffersonville, Indiana in the Ancient Jeffersonville Historic District opportunity zone.

“The Walcott Jeffersonville is our second investment in the greater Louisville MSA, and our first in Jeffersonville,” said Scott Lawlor, Chief Executive Officer, Waypoint Residential. “The City of Jeffersonville’s revitalization strategy, in the broader context of a diverse and growing economy in the MSA, presented a compelling investment opportunity. It is a deal we had under contract before the opportunity zone designation, which is an added benefit.”

The Project will be located in Historic Downtown Jeffersonville directly across the street from the Huge 4 Station Park and will benefit from the ongoing revitalization of Jeffersonville’s downtown and waterfront, which includes new restaurants, bars, boutiques and the Riverfront floating amphitheater. Additionally, the Huge Four Bridge (the longest pedestrian bridge in the world), offers simple access to the Kentucky Center for the Performing Arts and the hot NuLu and Butchertown neighborhoods across the river in Louisville, Kentucky.

The Walcott Jeffersonville will include a mix of studio, one- and two-bedroom units with market-leading finishes. The community will also offer luxury amenities, such as a resort-style pool and state-of-the-art fitness center, an Internet café, an indoor-outdoor rooftop terrace overlooking the park and river, an automated parcel system and a pet spa.

Job growth in the Louisville MSA has exceeded the national average in each of the last five years. The population is projected to grow 2.8% by 2020, far outpacing the national average of 1.6%. In addition, the area’s population of 20 to 34-year olds, the prime renter cohort, is forecasted to grow by twice the national average over the same period.

“The Walcott Jeffersonville is ideally located in the heart of the revitalization of Historic Jeffersonville with doorstep access to the dynamic, emerging live-work-play environment on the Indiana side of the Ohio River, while providing convenient access to the employment, recreational and entertainment options across the river in Louisville,” said Eric Hade, Chief Development Officer, Waypoint Residential. “The Walcott will provide a ‘best of both worlds’ luxury housing solution in what we feel is one of the most exciting areas along the Ohio Riverfront.”

Construction of The Walcott Jeffersonville is targeted for completion in mid-2020.

Powered by WPeMatico