Serenity at Summit New England Behavioral Hospital_Property for Sale
Serenity at Summit New England Behavioral Hospital_Property for Sale
61 Brown St, Haverhill, MA, 01830-6750, US

Serenity at Summit New England Behavioral Hospital

Asset description

JLL is pleased to offer for sale the fee simple interest in Serenity at Summit New England (the “Hospital” or “Serenity New England”), a 61-bed behavioral health hospital with 44,175 square feet in Haverhill, Massachusetts, a northern suburb of Boston. Serenity New England opened in 2015 and focuses on inpatient and outpatient treatment of mental health and substance use dependency. The Property is operated by JV Serenity Mass, LLC (the “Tenant” or “Serenity at Summit”) under an absolute net lease with 11.5 years of remaining lease term. The Property is strategically located along the historic Merrimack River just 25 miles north of Boston and a consistently high census drove the 2020 expansion which increased the bed count from 41 beds to 61 beds. Serenity New England is part of Harmony Health Group (“HHG”), a behavioral healthcare system with 14 facilities across six states on the East Coast of the United States. Serenity New England operates under a Massachusetts Determination of Need and is licensed by Massachusetts’ Bureau of Substance Abuse Services (“BSAS”) within the Department of Public Health (“DPH”) creating a mission critical location for HHG with high barriers-to-entry for new entrants into the market.


This offering is a rare opportunity for an investor to acquire a stabilized, recently expanded behavioral hospital in a demographically desirable suburb of Boston with minimal landlord obligations.

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Attributes

Building area net
4,104 sm
Beds
61
WALT
11.5 years
Tenants
Single Tenant
Lease type
Absolute Triple Net
Occupancy
100%

Media

Investment highlights

Stable, Long Term Absolute Net Lease Investment

  • Absolute net lease
  • 11.5 years of lease term
  • Desirable annual rental escalations of 2.5%
  • Scaled behavioral health hospital investment with 61 licensed beds


Leading Behavioral Operator with Strong Operating Performance

  • Serenity New England is part of HHG, a behavioral healthcare system with 14 locations across six states on the East Coast of the United States
  • Exceptional location operating cash flow coverage of rent by 2.5 times for the nine months ended February 2024
  • Well-regarded for its quality outcomes - above industry standard discharges to the community, low readmission rates and transitions to outpatient care


Desirable Boston Market

  • Located in the Boston Metropolitan Statistical Area (“MSA”), is the eighth highest GDP in the United States with 5 million residents
  • Highly accessible suburban location within Boston’s Interstate 495 beltway and 5 miles from Interstate 95 with connectivity to other high growth markets
  • Strong population growth and substance abuse supports demand above the national rate – Massachusetts fourth highest opioid related deaths in the United States
  • Located within Essex County – one of the wealthiest counties in Massachusetts
Serenity at Summit New England Behavioral Hospital 4_Property for Sale
Serenity at Summit New England Behavioral Hospital 4_Property for Sale

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Serenity at Summit New England Behavioral Hospital (0 Properties)

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Last updated
Jun 13, 2024