Homestead at Hamilton at 2560 Kuser Road in Hamilton — Courtesy: Cushman & Wakefield
By Joshua Burd
The developer of a 195-unit senior housing, assisted living and memory care facility in Hamilton has sold the property for nearly $98 million, according to brokers with Cushman & Wakefield.
The seller, Pike Senior Housing Partners LLC, completed the deal around four and a half years after completing the sprawling, H-shaped building known as Homestead at Hamilton. Inspired Healthcare Capital paid $97.5 million for the property at 2560 Kuser Road, the brokerage team said, noting that it offers the only full continuum service in the market.
C&W’s Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin arranged the sale.
“Homestead showed exceptional performance coming out of the pandemic and proved to be one of the rare, stabilized Class A assets in the market,” Swartz said. “Our team is thankful for the opportunity to represent Pike in another exciting deal.”
In a news release, the brokerage team noted that Homestead at Hamilton was leased to nearly 100 percent occupancy in 2021 and sustained stabilized performance. The four-story property comprises 96 units for independent living, 75 for assisted living and 24 for memory care across nearly 220,000 square feet, with 10 of the assisted living units designated for what’s known as enhanced care.
The building also has amenities such as a restaurant-style dining room, a pub, a card and game room, an exercise studio and fitness center and a rehab gym partnered with Robert Wood Johnson University Hospital, C&W said. Other features include art studios, multiple salons, two theaters and a performing arts studio.
The brokers also cited the building’s location less than a mile from Interstate 195, 30 minutes from Princeton, 60 minutes from New York City and 45 minutes from Philadelphia. They said the developer, an affiliate of Pike Construction Co. LLC, is a seasoned contractor and builder in New Jersey for more than 60 years that has completed 40 senior housing and nursing care communities.
