NEW PALESTINE — A partnership between a Minnesota-based company with a growing portfolio of senior living communities and a Wisconsin-based contractor is the new owner of Woodland Terrace of New Palestine.
The Indianapolis-based Justus Companies recently announced the sale of its Woodland Terrace Senior Living portfolio, consisting of the 139-unit New Palestine property that opened in 2017 along with facilities in Carmel and Danville. The buyer is Purpose First Partners, a venture between New Perspective and Boldt Capital. According to Hancock County property records, the New Palestine property sold for $24 million.
Based in Minnetonka, Minnesota, New Perspective has senior living communities in that state as well as Wisconsin, Illinois and North Dakota. Boldt, a construction management firm with offices across the country, is based in Appleton, Wisconsin.
All three of the recently acquired Indiana properties will retain their Woodland Terrace name, according to a news release, and New Perspective told the Daily Reporter in an email that no major changes are planned at the New Palestine facility.
Woodland Terrace of New Palestine provides independent living, assisted living, memory care and cottage homes.
The Justus Companies said in a news release that the decision to sell the Woodland Terrace portfolio is consistent with the company’s future plans to reposition its portfolio to focus on active adult senior living, multi-family and commercial property. As a part of its strategy, Justus increases its presence in Kansas City, Missouri, announcing the acquisition of the multi-family community, 51 Main.