Foundry Commercial announced the closing on The Piper, a seniors housing community in Kansas City, Kansas, as part of a recently formed real estate joint venture with Fundamental Advisors, an 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.
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.
