Two senior care communities in the Lehigh Valley have been sold for $24 million.
Bob Gaines, senior vice president of the Colliers Senior Housing Practice in the U.S. Eastern Region, facilitated the sale on behalf of a private seller and buyer.
Victoria’s Place, located in the Upper Macungie Township, is a 59,500-square-foot building constructed in 2020 that was designed, built and furnished as a personal care community with 80 licensed one-bedroom and studio apartments, with potential for 30 more. The interiors include common areas, dining rooms, a bistro, court yards, entertainment areas, a movie theater, physical therapy rooms and a salon.
Mountain View, located in South Allentown, is a 54,693-square-foot two-story personal care community licensed for 115 beds built in 1987.
A new senior care operator will soon be announced for both of the locations.
“Lehigh Valley is one of Pennsylvania’s fastest growing communities – and the country. Colliers’ demand analysis shows the market to contain a high amount of financially qualified adult children and underserved by as many as 3,000 beds. Astute investors clearly saw the opportunity these investments present and the upside potential to increase beds at Victoria’s Place. Accordingly, we were able to conduct a highly competitive bidding process for our client.” Gaines said.