Jackson Walker Represents Virtus in $80 Million Acquisition of Vermont Senior Living Portfolio
The Lodge at Shelburne Bay, located in Shelburne, Vermont, and The Lodge at Otter Creek, located in Middlebury, Vermont, together comprise 322 apartments and private cottages and were acquired at a cost of approximately $80 million.
The Lodge at Shelburne Bay, now rebranded as The Residence at Shelburne Bay, includes 191 apartments on its two–building campus and is located along the shores of Lake Champlain. The newly–renamed Residence at Otter Creek sits on the outskirts of downtown Middlebury, where its 30–acre campus includes a main building and several private cottages, for a total of 131 residences.
Jackson Walker assisted Virtus in negotiations with its joint venture operating partner, affiliated property management entities and lenders providing first mortgage acquisition financing.
Virtus is a real estate private equity sponsor based in Austin, Texas. Since its founding in 2003, Virtus has launched 35 investment funds and partnerships that have invested in over 145 commercial properties with a combined acquisition value of over $2.2 billion.
Led by Cale McDowell, the Jackson Walker team included tax partner Nate Smithson and real estate associate Andee Hartig, among others. This successful representation demonstrates Jackson Walker’s experience in complex corporate and real estate transactions, including the representation of private equity sponsors in a broad array of portfolio transactions.