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Green for Emerald Isle

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Green for Emerald Isle
Green for Emerald Isle
There's life in the state's seniors living sector, a la the Isle at Emerald Court in Tewksbury. Last fall, when CRE sales were few and far beween, ARA National Seniors Housing Group's Ryan Maconachy (right with Scott Corbin) says his brokerage firm sold the three-year-old, 94-unit assisted living and memory care building to The Northbridge Cos. for $16.8M with a 63% occupancy rate (now 80%). For the state's 46k independent living, assisted living, and nursing care units so far this year, occupancy fell 60 bps to 90.9% but rents rose 1.8%. 377 new independent living units are under construction, and absorption rose by 66 units, reports the National Investment Center for the Seniors Housing & Care Industry.