Clarion Partners Acquires The Grand at Spokane, a Newly Delivered Luxury Senior Living Community in Washington State

Franklin Templeton specialty investment manager continues its push into commercial real estate investment in the healthcare sector

SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Templeton, a global investment leader and its specialist investment manager, Clarion Partners, today announced that Clarion Partners has acquired The Grand at Spokane, a newly delivered luxury senior living community and full-continuum senior care facility located in the Spokane, Washington area.

The acquisition was made on behalf of one of Clarion’s commingled funds and underscores the firm’s continued focus on high-quality healthcare and specialized real estate investments in demographically compelling markets.

Delivered in 2024 and developed by NexCore Group, The Grand at Spokane (formerly The Gallery at Spokane) is a luxury 137-unit, purpose-built senior care community offering independent living, assisted living, and memory care services. The property is fully licensed and designed to support residents as their care needs evolve, allowing for continuity of care within a single community.

The Grand at Spokane features modern construction delivered in a unique architectural design, spacious floor plans, and upscale finishes that distinguish it from older competitive properties in the area. Offering a hospitality-driven experience tailored to discerning residents, the community offers a robust suite of amenities designed to support resident wellness, comfort, and engagement. From contemporary common areas like The Sky Lounge, which serves as a vibrant hub for resident programming, to restaurant-style dining with a culinary program managed by Chef Estevan Ruiz, the spaces are thoughtfully designed for entertainment, comfort and safety.

Located in the South Hill area of Spokane, the facility services an affluent submarket characterized by strong household wealth, favorable long-term demographics, and limited new competitive supply. The surrounding area benefits from proximity to major healthcare institutions, neighborhood retail, and established residential communities, making it an attractive option for both residents and their families.

The Grand at Spokane will continue to be operated by Stellar Senior Living, the property’s incumbent operator. Stellar is a family-owned senior living platform with deep experience across independent living, assisted living, memory care, and skilled nursing communities throughout the Western and Mountain regions of the United States.

Stellar manages a diversified portfolio of senior housing communities and is widely recognized for its ability to successfully lease up and reposition newly delivered or underperforming assets. The firm has demonstrated consistent operating performance across its portfolio, supported by a resident-centered care philosophy, strong clinical oversight, and disciplined operational execution.

Strategic Alignment

“This acquisition reflects our conviction in high-quality healthcare real estate supported by strong operators and favorable long-term demographics,” said Julie Robinson, Head of Healthcare at Clarion Partners. “The Grand at Spokane exemplifies the type of asset we seek on behalf of our investors—new construction, located in a supply-constrained market, and operated by a best-in-class partner with a proven track record.”

Ray Henderson, CEO & President of Stellar Senior Living, adds: "Stellar is very excited to partner with Clarion Partners on The Grand at Spokane. Their investment and commitment to the community align well with Stellar’s focus on delivering world-class senior living and strong operational performance. Together, we look forward to supporting residents, families, and team members while continuing to strengthen the community’s impact in Spokane."

About Clarion Partners

Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With over $72 billion in total real estate and debt assets under management as of December 31, 2025, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to 500 institutional investors across the globe. Clarion Partners is a specialty investment manager of Franklin Templeton.

For more information visit www.clarionpartners.com or follow us on LinkedIn.

About Franklin Templeton

Franklin Resources, Inc. [NYSE:BEN] is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.

With more than $1.7 trillion in assets under management as of February 28, 2026, Franklin Templeton operates globally in more than 35 countries.

To learn more, visit franklintempleton.com and follow us on LinkedIn.

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