Silver Wave Capital announced its fourth acquisition in the last 12 months, picking up a new seniors housing community in a suburb of Portland, Oregon. The firm, founded by Cory Wake and Elan Ruggill in 2024, made the acquisition with Sherman Capital Partners as a co-GP and another capital partner.
Built in 2019, the Class-A community is located in Cedar Mill and features 110 units of assisted living and memory care. It was previously operated by Ciel Senior Living but will be managed by Compass Senior Living going forward under the name The Canopy. It opened as Fieldstone Cornell Landing, a brand that was developed and operated by Bourne Financial Group and Cascade Senior Living, respectively. Ciel Senior Living was the operating platform of Bourne Financial Group.
According to someone familiar with the listing, the property never fully stabilized after opening in 2019. A sprinkler system failure in 2024 also led to a significant renovation and repair of the building. Brooks Blackmon and Dan Mahoney of Blueprint handled the transaction. There was no purchase price disclosed, but we imagine that given the operational history, the buyers got it for a nice discount to replacement cost. The acquisition also marks the beginning of a new operating partnership between Silver Wave Capital and Compass Senior Living.
Source: PRO LTC GUEST
Original Publication Date: October 7, 2025
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