KIRKLAND, WA – American Capital Group, Artemis Real Estate Partners and MorningStar Senior Living announced that they have completed the acquisition of two independent Senior Living development projects adjacent to the previously announced Lifebridge Kirkland Apartments in Kirkland, Washington and the Amberglen Apartments are located in Hillsboro. Ore. The projects are marketed under the brand names MorningStar Senior Living in Kirkland and MorningStar Senior Living in Hillsboro.
MorningStar Senior Living in Kirkland offers 151 self-contained units, as well as full kitchens, a pool, spa, fitness center, and direct access to private and public hiking trails to promote healthy lifestyles for the seniors. The community is less than a mile from Evergreen Medical Center, the fourth largest hospital in Washington, and is within ten miles of 11 hospitals that provide emergency medical services. Despite the rapid population growth in the Kirkland area, there are currently no other independent senior housing units under construction within five miles of the project.
“At ACG, we realized that we could do more than just provide world-class apartment buildings to the emerging Pacific Northwest by creating residences for elderly family members nearby so that extended, multi-generational families could stay nearby. Today's announcement shows our commitment to investing in our communities and creating the best possible environment for our residents. We look forward to repeating and expanding this holistic life strategy in several key regions in the US, ”said B.J. Kuula, President of ACG.
Hillsboro's MorningStar Senior Living will offer 141 units in the fifth largest city in Oregon, which has the largest percentage population growth of any city in Oregon since 2010, but has no independent community under construction within seven miles of the project. The community has more than a dozen public parks within a mile and seven hospitals within a ten mile radius, and features full kitchens, a pool, a spa, and a fitness center to promote healthy lifestyles for seniors.
"We are fortunate to be well positioned to take advantage of this attractive market opportunity to acquire these Class A senior communities," said Kelly Sheehy, Managing Director of Artemis. "We look forward to creating the best possible living environment and attracting even more people to these high-growth markets."
"We are proud to partner with American Capital Group and Artemis Real Estate Partners to open our first community in Washington and our third in Oregon," said Matt Turner, managing partner of MorningStar Senior Living. "These two projects will combine hospitality with beautiful and functional design that focuses on dignity, wellness and community. All are working to deliver on MorningStar's unique brand promise for seniors and their families."
ACG's current development portfolio in the Pacific Northwest includes, to name a few, the Lifebridge Kirkland Apartments with 409 units, the Amberglen Apartments with 352 units, the Kinect @ Lynnwood apartment project with 239 units and the Kinect with 140 units @ Broadway Apartment Project.
