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The Springs Living of McMinnville has partnered with an asset management firm to purchase an 87-unit Happy Valley assisted living and memory care community.

Morningstar at Happy Valley is now The Springs at Sunnyside after the transaction. Completed in 2019, the facility offers 61 assisted living units in a mix of studio, one- and two-bedroom units. The property also has 26 private memory care units.

The $20.8 million transaction came about after The Springs partnered with Harrison Street Asset Management, a Chicago-based firm with more than $105 billion in assets under management. JLL Capital Markets procured a five-year acquisition loan via Huntington National Bank, a longtime lender for Harrison Street.

The seller, Confluent Development of Denver, had owned the property since 2018. Clackamas County recorded the deed on Nov. 14. The transaction values the property at $239,080 per unit.

The facility at 14391 S.E. Princeton Village Way in Happy Valley sits on 1.96 acres.

The facility’s name change was likely prompted by the company’s ownership of a nearby facility named The Springs at Happy Valley, at 13160 S.E. 172nd Ave. The senior living facility operator led by CEO Fee Stubblefield now has 23, including 17 in Oregon, one in Vancouver, Washington, and five in Montana.