Confluent Senior Living Completes Sale of Three MorningStar Senior Living Communities
DENVER–Confluent Senior Living, a subsidiary of Denver-based fully integrated real estate investment and development firm Confluent Development, is pleased to announce the sale of three of its MorningStar Senior Living communities in Iowa, Oregon and New Mexico.
Previously the owner of the projects, Confluent Senior Living co-developed each community with its operating partner MorningStar Senior Living. MorningStar will maintain its role as operator for the communities. CBRE brokered the deal on behalf of Confluent Senior Living.
In West Des Moines, Iowa, the MorningStar at Jordan Creek community opened in March 2018. The 71,000-square-foot community provides 85 assisted living and memory care suites.
Located in the Portland, OR, suburb of Beaverton, the MorningStar of Beaverton community opened in November 2018. The 97,000-square-foot community features 104 suites for assisted living and memory care.
Santa Fe, NM, saw the opening of the MorningStar of Santa Fe community in January 2019. The 71,000-square-foot development includes 85 assisted living and memory care suites.
“These sales mark a significant milestone for our team as the first to be spearheaded by Confluent Senior Living since it was established as our subsidiary in 2014,” said Marshall Burton, president and CEO of Confluent Development. “We’re very proud of these sales, which prove the strength of our robust senior living portfolio.”
Confluent Senior Living’s portfolio includes 20 total communities in 10 states across the country. With five communities currently under construction as well as five others in the design and entitlement phase, the senior living developer continues to build its footprint to fill the gap in senior housing in communities across the country.
Confluent Senior Living also recently celebrated the successful sale of its Cappella of Grand Junction community in Colorado. The Cappella sale transitioned ownership to the operator, Christian Living Communities.
“These quality senior living assets are the latest testament to our successful development model,” said John Reinsma, managing director of Confluent Senior Living. “As we transition ownership of these assets, we are grateful for our partnerships that allow for shared growth and investment in their respective local communities.”
Confluent and MorningStar have a strong history of partnering on senior living developments, having delivered 12 total projects in five states. The most recent—MorningStar of Happy Valley, located in Oregon—celebrated its grand opening November 13.
“We’re proud to partner with a development team of Confluent Senior Living’s caliber,” said Matt Turner, managing partner for MorningStar Senior Living. “The success of these properties showcases our teams’ combined expertise and energy for delivering projects that create significant value. Together our teams opened four communities this past year, and we look forward to many continued successes ahead.”
Confluent Senior Living is a national developer and investor of senior projects, partnering with a variety of industry-renowned senior living operators across the U.S. An expert in developing, buying and selling senior living communities, Confluent Senior Living has a national senior housing portfolio of award-winning communities.
Confluent Senior Living is a subsidiary of Confluent Development, a Denver-based, full-service real estate investment and development firm that owns and develops ground-up commercial real estate throughout the United States.
Founded in 2003 by Ken Jaeger, MorningStar Senior Living is a leading developer and operator of premier communities within the senior living landscape, headquartered in Denver, Colorado. MorningStar’s portfolio encompasses over 30 communities and 3,000 units under operation or development.