Greystone Real Estate Advisors announced it closed the sale of a two-property senior living portfolio in Rhode Island on December 20, 2018 for an undisclosed price. Mike Garbers and Cody Tremper of Greystone Real Estate Advisors represented the seller in the transaction, a publicly-traded REIT. The buyer was a partnership of GMF Capital, a New York-based private equity firm, and Meridian Senior Living, LLC, who will operate the properties.
The properties, Chapel Hill in Cumberland and Smithfield Woods in Smithfield, both located in the Providence MSA, offer assisted living, memory care, and skilled nursing units. Built between 1989 and 1999, the properties have a total of 272 units.