NEW YORK--(EON: Enhanced Online News)--An investor group comprised of Northwind Group, Harrison Street Real Estate Capital LLC, and The Engel Burman Group (the “Investor Group”), today announced that it has acquired a 305 West End Avenue, a 16-story Art Deco style senior housing building located in Manhattan’s Upper West Side.
The Investor Group, which collectively has extensive experience in providing quality residential services to seniors throughout the New York metropolitan area, plans to make significant investments in upgrading the facility and improving the overall quality of life for the building’s senior residents. The planned upgrades will focus on enhancing food services, as well as creating new amenities such as a new cinema, renovated art studio, card and game room, performing arts center, dining room, computer center and beauty salon.
Demand for assisted living and memory care has grown significantly nationwide. In New York city alone, the population of adults over age 60 is expected to reach 1.5 million by 2030, a nearly 50% increase from 2014. Following its transformation, 305 West End Avenue will be a licensed Class A senior housing facility, consisting of 180 assisted living units and 40 memory care units, which will more than double the number of licensed assisted living units in Manhattan.
The Investor Group stated: “This investment reflects our commitment to ensuring senior residents in the New York Metropolitan area receive high-quality senior housing care. This state-of-the-art senior housing facility at 305 West End Avenue will be a beacon for retired New Yorkers who wish to enjoy this dynamic city while seeking a safe, warm and nurturing environment. We look forward to deepening our ties to our residents, our neighbors and the surrounding community and are committed to ensuring the transition from the previous ownership is seamless.”
305 West End Avenue was initially constructed in 1923 and is located in Manhattan’s Upper West Side, which is recognized by AARP as among the most livable places in the country for people who are 50-plus. The property will retain many elements of its classic, pre-war architecture and its location provides for easy access to lifestyle and cultural amenities such as Central Park (two blocks east), Riverside Park (one block west), and Lincoln Center. The property also offers direct access to nearby world-class dining options as well as superior access to numerous mass transit options, the West Side Highway and George Washington Bridge.
Terms of the sale were not disclosed.
About Northwind Group
Northwind Group is a Manhattan based owner/operator of residential & commercial properties. Northwind's focus is predominantly on existing income-producing properties where it recognizes opportunities to create value by implementing targeted capital improvement programs. Its current Manhattan portfolio includes 40 Exchange Place, 66 Pearl Street, 225 Bowery Street, 40 Wooster Street, 78 Grand Street, 45 Beekman Street, 351-355 West 54th Street, 25 Prince Street and 2279 Third Avenue. For more information, please visit www.northwind-group.com.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital LLC (“Harrison Street”) is one of the leading real estate investment management firms that offers innovative investment products across both private and public real estate segments. The firm has created a series of differentiated investment products across multiple risk/return platforms. Our 90+ person team is headquartered in Chicago, Illinois. Currently the firm and its affiliates manage approximately $11.5 billion in assets on behalf of some of the world’s largest institutional investors. For more information, please visit www.harrisonst.com.
About The Engel Burman Group
The Engel Burman Group is an award-winning real estate development firm based in the tristate area. The principals each bring decades of industry experience to the table, covering a broad and diverse range of expertise which successfully drives The Engel Burman Group, and has for over 50 years. The Engel Burman Group develops, owns and manages quality properties across a variety of business sectors, and with each passing year, continues to actively expand its formidable portfolio of senior living, residential, retail, and commercial properties. For more information, visit engelburman.com.