HERNDON, VA-Sugarland Hill Senior Apartments, an 80-unit senior living facility, has traded for $15.7 million, or approximately $200,000 per unit. The seller was a local developer and owner operator LLC and the buyer is Washington, DC-based Capitol Seniors Housing. Jim Kornick and Matthew Clinebell, of Avison Young's Healthcare Services Group, brokered the transaction on behalf the owner.

There were more than a dozen purchase offers for the property, Kornick tells GlobeSt.com, leaving both buyer and seller very happy with the end result. "This is a very active investment class right now," he adds. Capitol Seniors Housing is rebranding the property as Arbor Terrace of Herndon and plans to launch a capital improvement program.

This deal is noteworthy from the Kornick-Clinebell team's perspective as well--it represents their first senior housing deal. With the medical office market in a lull, the local office has decided to expand into all areas of health care including senior housing. Kornick says the team has two more such deals in their pipeline.

"Senior housing is its own world with complex regulations and business strategies but a lot of the players are the same as in the medical office building category," he says.