CA Ventures has unloaded another property as it juggles financial and legal problems, this time selling off a senior living community in King of Prussia.
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Real estate investment trust Welltower purchased the 11-story, 192-unit Anthology Senior Living Community for $27.4M, the Philadelphia Business Journal reported. The 255K SF property has been leased to Legend Senior Living, which renamed the community Revelle King.
The property, opened four years ago, was the tallest building in the mixed-use Village at Valley Forge.
CA Ventures acquired the 1.6-acre site for $10.3M from Village at Valley Forge master developer Realen Properties and broke ground in 2019.
It was once part of an 18-community portfolio of Anthology facilities.
Since then, at least four CA Ventures senior living properties have faced loan defaults amid a caravan of financial and legal troubles. Others have been sold off piece by piece over the past several years.
Revelle King adds to Welltower’s portfolio of 1,500-plus senior and wellness housing communities nationally.
Legend Senior Living and Welltower have a long-term partnership in which Welltower buys and owns properties while Legend handles leasing and operations.
Revelle King of Prussia is the third senior living community in Philly’s suburbs the duo has added to their portfolio in the past 12 months. Welltower bought Heartis Bucks County in Warminster and Heartis Yardley at the tail end of 2024.
Welltower has strengthened its hand as the largest owner of senior housing in the U.S., spending more than $6B on acquisitions during the first three quarters of 2024, more than it laid out in the entirety of 2023. Last month, it said it would pay $3.2B for Amica Senior Lifestyles’ portfolio of 38 ultra-luxury senior housing communities and nine entitled development parcels in affluent Canadian neighborhoods.
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