Louisville senior living campus sells for $190M

LOUISVILLE — A pair of investor groups recently traded the Balfour Senior Living campus in Louisville for a total of $190 million.

The buyer, according to Boulder County public records, was Well Balfour Landlord LLC, an entity affiliated with Welltower Inc. (NYSE:WELL). Welltower is an Ohio-based real estate investment trust that specializes in senior living communities. The seller was an affiliate of Boston investment firm AEW Capital Management LP.

Representatives for Welltower, AEW and Balfour did not respond to requests for comment Wednesday.

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The Balfour campus in Louisville was sold in a series of individual and multi-property transactions:

• Balfour Cherrywood Village, an Alzheimers and memory care facility at 282 McCaslin Blvd., sold for $17.5 million
• Balfour at Lavender Farms, a retirement and assisted living community at 1800 Plaza Drive, sold for $28 million.
• The Lodge and The Residences, Balfour’s independent living operations at 1331 and 1305 Hecla Drive, sold for $48.5 million.
• Another independent living building at 1310 Hecla Drive sold for $35.5 million
• The Wellshire at Balfour, a skilled nursing facility at 1855 Plaza Drive, sold for $60.5 million.

The properties include a combined total of more than 300 units.

AWE bought the Hecla Drive properties from Balfour for $103.8 million in 2014.  The McCaslin Boulevard property was bought by the same company in 2012 for $11 million.

Balfour — founded in 1996 by Michael Schonbrun, a former president of National Jewish Health in Denver — continued to operate the facilities after those transactions. The company has additional operations in Denver, Littleton and Ann Arbor, Michigan.

AWE sold the Balfour at Riverfront Park senior living community at 1550 Little Raven St. in Denver to Welltower in May, according to a Denver Business Journal Report. The value of that deal was $118 million.