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Kansas City, Kan. (January 6, 2021) – Foundry Commercial, a full-service real estate services and investment firm, today announced the closing on “The Piper,” a seniors housing community in Kansas, as part of a recently formed real estate joint venture with Fundamental Advisors, a leading alternative asset manager focused on municipal, public purpose, and community assets. FSL Senior Living Ventures, Foundry Commercial’s recently launched management platform with Missouri-based Foster Senior Living, will manage the community on behalf of the joint venture.
The Piper is a 120-unit seniors housing community containing 60 assisted living units, 40 memory care units, and 20 physician-directed care units. The sale also included vacant land adjacent to the existing facility, where plans are being discussed to develop independent living cottages. This is the sixth community that is currently operated by the FSL joint venture since its formation in June, with other assets located in Nebraska and South Carolina.
“The Piper is a newer asset with a strong regional presence in a growing area of Kansas City. This asset complements our expanding Midwest portfolio of senior living properties, and we look forward to building upon The Piper’s reputation in the community. With our partner Foster Senior Living, we are committed to a caring and positive environment for the residents and many talented associates who work there. We are excited for this to be the first acquisition with our newest capital provider, Fundamental Advisors,” said Kevin Maddron, Healthcare Principal for Foundry Commercial.
Fundamental Advisors, in partnership with Scribner Capital, provided the joint venture equity for the acquisition. Dan Revie and Tedd Van Gorden with Ziegler represented the seller.
FSL Senior Living Ventures, LLC, a venture that was announced in summer 2020, acquires, develops, and manages seniors housing assets across the United States. The joint venture is an integral part of Foundry Commercial’s Healthcare platform, which offers a combination of in-depth sector knowledge, long-standing relationships with premier owners of seniors housing real estate, as well as a 350+ employee organization providing services to some of the most well-known names in real estate ownership.