An Ohio real estate developer and investor has acquired a Peregrine Senior Living community in Western New York, marking the second such acquisition in the past 12 months.
Larry Dillin's Dillin LLC of Miamisburg, Ohio, paid $15.99 million through Cheektowaga Senior Realty LLC to acquire Peregrine Senior Living at Cheektowaga from an affiliate of New York City-based Colony Capital, a global real estate investment trust with $43 billion in assets under management.
The 100-unit facility at 575 Cayuga Creek Road in Cheektowaga offers 22 units of memory-care apartments and 78 units of assisted living in studio and one-bedroom apartment designs. The 82,000-square-foot facility, which sits on about 5.75 acres, was built in 2002 under a federal Housing and Urban Development program and began operations in January 2004.
It's the oldest of the facilities operated by Syracuse-based Peregrine Senior Living Inc., which operates 12 senior communities in Colorado, Georgia, Maryland, Massachusetts and New York. Peregrine is also part of the new joint-venture ownership group.
The purchase is not expected to affect the residents or operations of the facility, which is still run by Peregrine under a lease. The new owners said they have set aside $1.2 million for capital improvements, including upgraded finishes, furnishings and life-safety equipment.
Last July, Birmingham, Mich.-based Valstone Asset Management bought Peregrine's Orchard Park community from HCP Inc. of California for $6.65 million.