Detroit senior living portfolio acquired by MedCore and American House partnership
JLL Capital Markets led the sales efforts for the two assisted living/memory care facilities in Troy and Rochester Hills, Michigan
BOSTON, July 10, 2024 – JLL Capital Markets announced today that it has arranged the sale of Anthology of Troy and Anthology of Rochester Hills, two seniors housing communities totalling 184 units in the Detroit metropolitan statistical area.
JLL represented the seller and procured the buyer, spearheaded by MedCore Partners. American House Senior Living Communities assumed management of both communities.
Anthology of Troy, now operating as American House Somerset, located at 3400 Livernois Rd. and Anthology of Rochester Hills, now operating as American House Hampton Village, located at 1775 S. Rochester Rd. are in premier northern suburbs of Detroit in excellent, high visibility locations near premium amenities and services.
American House Somerset and American House Hampton Village are two-story AL/MC communities with 93 and 91 units, respectively. Completed in 2017 and 2018, respectively, each community offers high-end finishes and superior construction quality. Across the portfolio, the communities offer restaurant-style dining rooms, secure outdoor courtyards, fitness and rehab spaces, theaters and beauty salons.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Jay Wagner and Rick Swartz and Director Jim Dooley.
“We congratulate American House and MedCore on the successful acquisition of a great opportunity for this new partnership. The transaction also served as a strategic disposition for our client and our team is grateful for the opportunity to assist them,” said Dooley.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm'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 firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $20.8 billion and operations in over 80 countries around the world, our more than 108,000 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.
About American House Senior Living
American House is privately held and is currently the 25th largest senior living owner/operator in the U.S. managing over 60 communities. With an extensive presence in Michigan and throughout the Midwest, Florida and the Southeast and New England, American House is a best-in-class innovative seniors housing company creating sustainable value for its residents, their families, its team members and investors. Dale Watchowski serves as President and CEO of American House and is also CEO of REDICO, a full service commercial real estate enterprise affiliated with American House.
About MedCore Partners
Dallas-based MedCore Partners is a full-service real estate company dedicated exclusively to the healthcare and senior living industry. MedCore has built trusted relationships with both healthcare providers and numerous capital sources to successfully execute the development, acquisition, construction, financing, and leasing of healthcare facilities. Leveraging its intimate knowledge of medical sector dynamics with its comprehensive platform of real estate services offered, MedCore is uniquely qualified to identify and capitalize on healthcare projects and maximize the potential profits returned to its investors. Collectively, MedCore's principals have led the development and investment efforts for healthcare initiatives valued in excess of $2 billion, in addition to executing brokerage transactions for over 2,000 physicians.