ALLENTOWN, PENNSYLVANIA, January 6, 2022 – On behalf of a private Seller and Buyer both represented by Colliers – we are pleased to announce the investment sale of two senior care communities of the Lehigh Valley area totaling $24,000,000. The transaction was facilitated by Bob Gaines, a Senior Vice President of the Colliers Seniors Housing Practice in the U.S. Eastern Region.
Left to right: Victoria’s Place, Mountain View Photo Credit: Colliers
Victoria’s Place, located in the Upper Macungie Township of the Allentown metropolitan area, is a 59,500 square foot building constructed in 2020 that was specificially designed, built and furnished as a personal care community with 80 licensed one-bedroom and studio apartments, with potential for 30 more. Victoria’s Place modern appointed interiors include: spacious common areas, dining room, bistro, private family dining room, court yards, entertainment areas, movie theater, physical therapy and salon.
Mountain View, located in the South Allentown neighborhood is a 54,693 square foot two-story personal care community licensed for 115 beds built in 1987.
A new senior care operator will soon be announced for both of the locations.
“Lehigh Valley is one of Pennsylvania’s fastest growing communities – and the country. Colliers’ demand analysis shows the market to contain a high amount of financially qualified adult children and underserved by as many as 3,000 beds. Astute investors clearly saw the opportunity these investments present and the upside potential to increase beds at Victoria’s Place. Accordingly, we were able to conduct a highly competitive bidding process for our client.” shared project lead Bob Gaines.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more about how we accelerate success at www.colliers.com/philadelphia, or follow us on Twitter: @ColliersPhilly