FORT COLLINS — Private-equity investment group Kayne Anderson Real Estate has acquired MorningStar Assisted Living and Memory Care of Fort Collins located in the southeast part of the city.
Kayne Anderson bought the senior-living complex from Denver-based Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm, Confluent Development.
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The investment group paid $37 million for the property, according to Larimer County public records.
Confluent Senior Living co-developed the community in 2015 with its operating partner MorningStar Senior Living. MorningStar will continue to manage the community at 3509 Lochwood Drive, near Warren Lake and Collindale Golf Course.
The 69,000-square-foot complex includes 79 assisted-living and memory-care suites.
Miami Beach-based Kayne Anderson Real Estate is a division of Kayne Anderson Capital Advisors LP, a real estate investment group based in Los Angeles.
Confluent and MorningStar have a history of partnering on senior-living projects, having completed seven previous projects in Arizona, Colorado, Iowa and New Mexico, with three others under construction in Arvada, Santa Fe and Rio Rancho, N.M.
“After breaking ground on the project nearly four years ago, it is rewarding to see our team’s hard work come to fruition as we transition ownership of this community,” John Reinsma, managing director of Confluent Senior Living, said in a prepared statement.
Editor’s note: This story was updated May 23, 2018 with the sale price of the property.