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SSSHT Acquires Three Assisted Living Complexes in Salt Lake City

MBK Senior Living Sells 294-Unit Portfolio for $78.5 Million
February 28, 2018
Strategic Student & Senior Housing Trust (SSSHT), a private real estate investment trust sponsored by SmartStop Asset Management (SmartStop), acquired three assisted living complexes totaling 294 units in Salt Lake City from MBK Senior Living for $78.5 million, or approximately $267,000 per unit.

The transaction included The Charleston at 10020 N. 4600 W. in Cedar Hills, UT, which comprises 78 beds in 64 units; The Wellington at 4522 S. 1300 E., which comprises 140 beds in 119 units; and the 136-bed, 111-unit Cottonwood Creek at 1245 E. Murray Holladay Rd.

John Strockis, chief investment officer of SmartStop, said, “The acquisition of the Salt Lake City assisted living portfolio provides SSSHT with three established senior housing properties, each with full amenities packages. Additionally, this acquisition marks SmartStop’s entry into the senior housing space, an emerging asset class.”

MBK Senior Living, an assisted living investment company headquartered in Irvine, CA, bought the assisted living complexes as a part of a larger portfolio in May 2011 for $76.2 million.

For more information on this transaction, please refer to CoStar COMPS #4148284.
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