Milford senior housing sold for $18.9M
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The property housing Cornerstone at Milford sold for almost $19 million.
The property home to senior assisted living facility Cornerstone at Milford has been sold for $18.85 million to a Los Angeles real estate company, according to the Worcester County Registry of Deeds.
The transaction also included a $24.6-million sale of Cornerstone’s property in Canton.
Both properties were sold by AEW real estate managers, a $88-billion investment company headquartered in Boston, to Kayne Anderson Capital Advisors. Kayne Anderson was founded in 1984 and manages $30 billion in assets, according to its website.
The sale officially closed on Aug. 10, according to the registry.
Milford’s Cornerstone location on 11 Birch St. includes more than 69,000 square feet and 90 units, according to Milford’s assessors’ data. Built in 2013, it last sold for morethan $28 million in 2015 and is assessed by the Town of Milford at $9.5 million.
Cornerstone is part of Senior Living Residences, a Braintree-based senior care company with 17 communities throughout New England. In a statement, SLR partner Tadd Clelland said the acquisition would not impact care at the facility.
“Families and residents are aware that this investor change at Cornerstone will not impact the operations of the community," said Clelland. "Our organization, Senior Living Residences, has managed all aspects of this assisted living community since its inception. We are thrilled to remain in this role of management company and operator for the foreseeable future.”
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