Cushman & Wakefield arranges $97.5M sale of full-continuum property in Hamilton
Cushman & Wakefield arranged the sale of Homestead at Hamilton, a 195-unit independent living, assisted living and memory care community in Hamilton. The final sale price was $97.5 million.
The community, which was leased to nearly 100% occupancy in 2021 and sustained stabilized performance, was developed by Pike Senior Housing Partners, a seasoned contractor and developer throughout New Jersey for over 60 years that has built 40 senior housing and nursing care communities. The property was acquired by Inspired Healthcare Capital, a DST-structured senior housing buyer.
The four-story, Class A property is nearly 220,000 square feet situated on a corner site of more than 20 acres located less than a mile from Interstate 195, 30 minutes from Princeton, 60 minutes from New York City and 45 minutes from Philadelphia. The community is a sprawling “H”-shaped building with 96 independent living units; 75 assisted living units, including 10 enhanced care units in a dedicated wing; and 24 memory care units.
The property features a full selection of amenities, including a restaurant-style dining room, a pub, a card and game room, an exercise studio and fitness center, a rehab gym partnered with Robert Wood Johnson Hospital, art studios, multiple salons, two theaters and a performing arts studio. Independent living apartments are the largest in the market and offer full kitchens and washer/dryer units, while assisted living units have kitchenettes and ample storage space. Memory care units are located on two levels and include kitchenettes and a full set of dedicated amenities on each level.
Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin arranged the sale.