Memory care community sold in Maryland

The Residence on Greenbelt, an 89-unit assisted living and memory care community in Lanham, MD, has sold for $18 million.

The announcement, by Keith Lipton, Avison Young Principal and Managing Director, was retained by IntegraCare Corporation to present the property to the marketplace.

The seller “had acquired the underperforming property out of distress, invested $2 million in capital upgrades, implemented improvements to the operation of the community and raised occupancy to 88% at the time of sale,” Avison Young said.