SMITHFIELD – An 85,130-square-foot senior living property in Smithfield, where assisted living services and Alzheimer’s care are provided to residents, was purchased recently by a Maryland company for $5.3 million, according to public records.
The Smithfield Woods property at 171 Pleasant View Ave. was sold by MStar RI Portfolio Owner LLC and MStar RI Portfolio TIC II Owner LLC to MSA Smithfield Holdings LLC, according to the quitclaim deed, a public record of the sale. MStar RI Portfolio Owner LLC previously had a 79% interest in the property, while MStar RI Portfolio TIC II Owner LLC had 21% interest, according to the deed.
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MSA Smithfield Holdings LLC is affiliated with a Maryland-based health care company known as Meridian Senior Living, which manages about 40 senior housing sites spread across more than 15 states.
Meridian Senior Living originally took over management of the facility in late 2018, after purchasing it jointly with New York City-based real estate investment firm GMF Capital, according to a company news release from the time.
The newly formed entity, MSA Smithfield Holdings LLC, is tied only to Meridian, making it now the sole owner of the Smithfield assisted living facility. The Bethesda, Md.-based Meridian is headed by co-CEO and President Robert Sweet.
Smithfield Woods offers 41 assisted living beds, 33 memory care beds and 60 skilled nursing beds, according to Meridian. The company offers its Montessori Moments In Time program for dementia and Alzheimer’s patients at the Smithfield facility, the company said.
The Smithfield Woods property was constructed in 1989, built on a 4.4-acre lot, according to the town’s online property tax evaluation database.
The property was most recently valued by Smithfield assessors in 2022 as being worth $7.2 million, according to the online database.
Meridian also recently gained full ownership of the Chapel Hill assisted living facility at 10 Old Diamond Road in Cumberland for $6.2 million, according to public records. Meridian-affiliated MSA Chapel Hill Holdings LLC purchased the property in late January, after buying that 115,000-square-foot building together with GMF Capital in late 2018.
Marc Larocque is a PBN contributing writer.
