Strategic Student & Senior Housing Trust, Inc., a private real estate investment trust sponsored by SmartStop Asset Management, LLC, announced its acquisition of a portfolio of three senior housing communities consisting of 294 units located in the greater Salt Lake City area.
"The acquisition of the Salt Lake City assisted living portfolio provides Strategic Student & Senior Housing Trust with three established senior housing properties, each with full amenities packages," said John Strockis, chief investment officer. "Additionally, this acquisition marks SmartStop's entry into the senior housing space, an emerging asset class."
The portfolio includes The Wellington, Cottonwood Creek and The Charleston at Cedar Hills, all best-in-class, purpose-built assisted living communities with strong historical occupancies. Each community provides residents with all-day dining services, activity rooms with daily programming, transportation, cafes and lounges, wireless internet, libraries, fitness/therapy rooms, private dining rooms, outdoor courtyards and beauty salons.
The Wellington is a 119-unit/140-bed assisted living community located at 4522 South 1300 East in Salt Lake City. The property is a multi-year recipient of the Best of State – Utah award in the merchandising and consumer services category.
Cottonwood Creek is a 111-unit/136-bed assisted living facility located at 1245 East Murray Holladay Road in Salt Lake City. Each unit at the facility is equipped with sliding glass doors leading to a balcony or patio.
The Charleston is a 64-unit/78-bed assisted living facility located at 10020 North 4600 West in Cedar Hills. The property, which also offers short-term/respite care, is a recipient of SeniorAdvisor.com's 2016 and 2018 Best of Senior Living awards.