In October, the Timber Ridge Life Plan Community of 329 Independent Living Units (ILUs) opened Phase II for resident move-ins. Phase II consists of 145 ILUs, 26 Assisted Living Units, and 9 Skilled Nursing Facility Beds. Prior to opening, 122 of the 145 ILUs, or 84%, were presold. Phase I consisting of 184 ILUs and 36 Skilled Nursing Facility Beds is 98% occupied.
Timber Ridge LPC is a joint-venture partnership among Westminster Fund V LP (68%), Westminster Fund VI LP (17%), and Life Care Services LLC (15%). The community is located 17 miles east of downtown Seattle.
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 approximately $748 million of 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, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.