WILMINGTON —
HarborChase of Wilmington, an assisted living and memory care community, has been bought by a publicly-traded real estate investment trust for $45 million. County land records show the company bought the land for $18.5 million.
Ventas Inc., headquartered in Chicago, acquired the 96-unit facility at 2004 Shipley Road near the Fairfax community from Florida-based private equity firm
Bourne Financial Group, according to county land records.
JLL represented Bourne Financial Group in the transaction.
Founded in 1998 as a spin-off of post-acute health care company Vencor, Ventas is the second largest owner of senior housing with close to 800 communities across the United States, Canada and the United Kingdom. The trust boasts of a $35 billion enterprise value and 1,350 properties in its portfolio, including outpatient medical buildings, research centers and other health care facilities.
HarborChase was built in 2018 as one of the new, luxury senior housing communities in northern Delaware, complete with 1 and 2 bedroom apartments. Assisted living apartments start at $4,871 per month while memory care apartments start at $6,583 per month, each unit with luxury finishes..
The facility also features top-notch amenities in food and beverage options, a salon and spa, a game room and a mobile-style bar. Residents can also enjoy a fitness and yoga studio, walking trails and outdoor courtyards.
Ventas representatives declined to comment to the Delaware Business Times about this deal. However, Ventas Chairman and CEO Debra Cafaro noted in the company’s annual
corporate sustainability report that with close to a half a million Americans turning 80 each year, the company is well positioned to organically grow in the markets that best serve the senior population.
Delaware has become a prime state for retirees, featuring no sales tax or social security tax, lower income tax and exclusions on pension income up to $12,500. The
Delaware Population Consortium projected that the 65 and older population would increase by 41% by 2040, while the 85 and older population would more than double.
Ventas does not have any other senior housing or care facilities
listed, indicating that HarborChase could be its first one in the First State.
Editor's note: a previous version of this article noted that land records show the deal was for $18.5 million. Ventas has confirmed that it spent $45 million on the aquisition. We regret the error.
