Thursday, January 6, 2022
Oppidan completes $100 million sale of three senior living communities; strengthens position for future senior housing investments
Oppidan continues expansion in Minnesota, California and North Carolina
Minneapolis, Minn. – (January 6, 2022) – Oppidan Investment Company, a national property development firm headquartered in Excelsior, Minn., sold three of its Pillars senior living communities to Presbyterian Homes & Services for $100 million. The three Pillars communities included in the sale are The Pillars of Shorewood Landing, The Pillars of Highland Park, and The Pillars of White Bear Lake.
Oppidan continues its stronghold in the senior living community by owning and developing senior living communities in Minnesota, California, and North Carolina, including:
- The Pillars of Grand Rapids
- The Pillars of Mankato
- The Pillars of Prospect Park
- The Watermark of Napa Valley – Calif.
Communities Under Construction:
- The Pillars of Lakeville
- The Hacienda Mission San Luis Rey – Oceanside, Calif.
Communities on the Horizon (construction will commence in 2022):
- The Pillars of Hermantown
- Newport Beach, Calif.
- Santa Cruz, Calif.
- Asheville, N.C.
“We’re doubling down on our efforts and focus on senior housing developments, and this sale strengthens our position to continue investing in opportunities in Minnesota and beyond. We’re in the best financial position in our 30 year history,” said Joe Ryan, Oppidan CEO. “Our commitment to provide the very best for our residents and their families is unwavering and our devotion to seniors is strengthened every day.”
Since 2013, Oppidan has been enhancing communities with the development of exceptional senior housing options. They created Pillars senior living communtiies to ensure seniors had access to charming communities with purposeful, innovative, healthy and resident-driven experiences. Oppidan’s senior living communities have experienced significant occupancy growth over the past year, averaging 9 percent YTD increase in occupancy, which is above national averages.
“Our senior living communities are thriving, despite still being in the middle of a pandemic,” said Ryan. “This validates the success and reputation of these communities and it’s due to well-designed senior living communities, exceptional leadership teams, and the health care heroes who are completely devoted to our residents and their families.”
In 2021, GlobeSt. named Oppidan to its list of Senior Housing Influencers and Oppidan senior housing communities received numerous national and regional awards, including:
- The Pillars of Prospect Park: Minnesota Real Estate Journal Top Urban Senior Housing Project Award
- The Watermark at Napa Valley: The Gold Nugget Awards: Grand Award and Merit Award for Best Service Enriched Senior Community and Senior Housing News finalist for its Architecture and Design Award.
- The Hacienda Mission San Luis Rey: Building Industry Association of Southern California SAGE Award for Best 55+ CCRC/Lite Plan Community On the Boards
As part of it’s commitment to enriching the lives of those living with memory loss, Oppidan has devoted specific attention to memory care residents. The Pillars name is inspired by the Pillars Fund, which Oppidan created in 2016 to help immerse memory care residents in more than 50 enriching programs through activities and other therapies that stimulate and engage residents. Oppidan has pledged $500,000 to the Pillars Fund to-date.
Since 1991, Oppidan has continued to command attention in the commercial development industry, working with clients such as Duluth Trading Company, Northern Tool, Cub Foods, Target, Sprouts, General Electric, Caliber Collision, Rockpoint, HSRE, Kayne Anderson, IPI, and Bailard, among many others.
The Pillars of Grand Rapids
140,000 sq. ft. — 6 acres
2060 SW 8th Street
Grand Rapids, MN 55744
The Pillars of Mankato
145,511 sq. ft. — 4 acres
3125 Prairie Rose Drive
Mankato, MN 56001
The Pillars of Prospect Park
340,000 sq. ft. — 2 acres
22 Malcolm Ave. SE
Minneapolis, MN 55414
The Watermark at Napa Valley
195,000 sq. ft. — 6 acres
4055 Solano Avenue
Napa, CA 94558