Hamister Group completed its purchase of Buckingham Heights Memory Care, a 46-unit retirement home located at 1824 Manchester Rd, Glastonbury, Connecticut. Hamister acquired the property from the seller and former owner Longview Seniors Housingwho was represented by a Cushman and Wakefield crew. The property was sold for an undisclosed amount.
Buckingham Heights opened in 2001 and occupies a one-story building that was completely renovated in 2021. The community was fully occupied at the time of purchase. The property is centered around a “Main Street”-style lobby, which includes common areas, a beauty salon, and a discovery room. The lobby is divided into sections of 23 units, which host their own common dining and activity spaces, in addition to interior and exterior courtyards. Renovations last year replaced the community’s entire roof and sprinkler system, and upgraded all furniture, paint, carpeting and flooring. The community is located less than 10 miles from downtown Hartford.
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The Cushman & Wakefield team was led by Vice Presidents Richard Swartz and Jay Wagner, Executive Director Aaron Rosenzweig, Principal James Dooley and Partner Jack Griffin.
The strength of senior residences
Overall, the fundamentals of the domestic seniors’ housing market have improved significantly as pandemic-related challenges and restrictions ease. Data for a second quarter of 2022 JLL The report shows that 80% of survey respondents believe the industry has entered the worst of the pandemic. Nationwide occupancy rates and rent growth have trended upward since 2021, rising 61% and 2.5% respectively at the start of 2022, according to the report. Memory care facilities, in particular, make up nearly a third of the market’s build pipeline, according to the same data.
Another recent Hartford-area seniors housing transaction is Lloyd Jones’ purchase of Hamilton Heights, a historic 113-unit seniors’ housing community in West Hartford.