On January 31st, the Timber Ridge Life Plan Community sold for $133.0 million, or $403,000/Independent Living Unit (ILU), to a joint-venture between National Health Investors Inc. (NYSE: NHI) and Life Care Services (LCS). The investment generated a 13% IRR and an Equity Multiple of 5.2 to 1 to Westminster over 16 years which included the Great Recession. The 330 ILU Life Plan Community was a joint-venture partnership among Westminster Fund V LP (68%), Westminster Fund VI LP (17%), and LCS (15%). Constructed in two phases, Timber Ridge is located 17 miles east of downtown Seattle in the foothills of the Cascades. Timber Ridge is over 95% occupied and has 401 units including 330 independent living apartments, 14 assisted living apartments, 12 memory care apartments and 45 skilled nursing beds.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.