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The principals of Kandu Capital, LLC and Bloom Senior Living have backed Silver Wave Capital on the acquisition and repositioning of a 162-unit assisted living and memory care portfolio across two communities in Bloomfield Hills and Rochester, Michigan, affluent suburbs north of Detroit.
The transaction marks the third time the principals have invested with Silver Wave. This time, they will take an expanded role as lead investor and advisor, bringing their senior living expertise to the opportunity.
The communities were acquired off-market at approximately $65,000 per unit, a substantial discount to replacement cost. Located in strong markets with limited new supply, their below-market census and rate levels create a compelling opportunity for operational improvement and targeted capital investment.
Silver Wave has partnered with Community First Solutions, an experienced senior living operator, to manage the communities. The principals of Kandu and Bloom will work alongside Silver Wave and Community First Solutions, drawing on more than six decades of their family's experience successfully owning, operating and improving senior living communities.
The investment is the latest chapter in a relationship that began from the opposite side of the table. Kandu and Bloom first came to know Silver Wave when they sold the firm a senior living community in South Carolina. The relationship subsequently grew as the principals invested in Silver Wave-sponsored senior housing transactions in Portland, Oregon and North Naples, Florida.
Underlying the relationship is a shared approach: identifying well-located senior living communities where strong fundamentals, experienced operations and thoughtful capital deployment can create meaningful long-term value.
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