Michigan-Based Owner/Operator Expands in Tampa MSA
American House Senior Living Communities added Beach House Assisted Living & Memory Care in Wesley Chapel, Florida (Tampa MSA), to its operating portfolio and renamed the property American House Wesley Chapel. The community features 67 assisted living and 33 memory care units with studio, one- and two-bedroom floor plans, some with balconies and patios. Amenities include a wellness center, onsite dog park, salon, chapel, game room, movie theater, outdoor common spaces and scheduled transportation. The deal brings the operator’s Florida portfolio to 14 seniors housing communities, including five that are owned by AEW Capital Management. The company also recently opened American House... Read More »
Seniors Housing Community Near Chicago Gets New Owner
SVN Chicago Commercial sold McKenzie Falls, an affordable seniors housing community in Bolingbrook, Illinois, roughly 30 miles southwest of downtown Chicago. The building was constructed in 2010 and spans 74,047 square feet across one story. An undisclosed buyer acquired the 105-unit community for $6.7 million, or $63,800 per unit. Reid Bennett, Cody Doran and Dan Short of SVN Chicago Commercial arranged the transaction. Read More »
Healthpeak Properties Provides Janus Living Updates
Healthpeak Properties’ recently formed seniors housing REIT, Janus Living, which will manage Healthpeak’s 34-community seniors housing portfolio, has filed a registration statement on Form S-11 with the SEC relating to a proposed initial public offering of its shares of Class A-1 common stock, which the company intends to list on the NYSE under the ticker “JAN.” The offering is subject to market conditions, receipt of regulatory approvals, completion of related financings, completion of the SEC’s review and other customary conditions. The number of shares to be offered, the price range and other terms for the offering have not yet been determined. BofA Securities and J.P. Morgan are... Read More »
SLIB Handles Senior Care Campus Deal in Missouri
A Maryland-based owner/operator looked to expand its Missouri senior care portfolio with the purchase of Kingdom Care Senior Living in the town of Fulton. Built in 1980, the campus includes four independent living units, 26 assisted living units and 36 skilled nursing beds. It currently holds a five-star rating at the SNF and is the only multi-acuity campus in the surrounding area. But occupancy stood at 67%, and the community was operating just below breakeven on $3.45 million of revenues at the time of marketing.Its local Missouri owner/operator was looking to focus on its primary business, hence the sale, and engaged Nick Cacciabando, Jeff Binder and Lucas Doll of Senior Living... Read More »
Fully-Occupied Assisted Living Community Sells
Joe Shallow of The Prestige Group was engaged by a family owner/operator in their divestment of a seniors housing community in Plymouth, Pennsylvania. Purpose-built in 1985 and well-maintained throughout the years, Metro Wilkes Barre features 20 assisted living units with 40 beds. The community has historically boasted a strong census, and at the time of sale it was 100% occupied. It sits on 1.15 acres and comprises 8,436 square feet. At the time of marketing, the asset was making $222,400 in EBITDA on $812,900 of revenues. Although the community is fully occupied, there is still upside potential for the incoming buyer, with monthly rents sitting below the current market rate. There is... Read More »
REIT Acquires Underoccupied Seniors Housing Portfolio
After acquiring a seniors housing portfolio through a joint venture in 2019, MedCore Partners and Trinity Private Equity Group have decided it was time to divest. Amy Sitzman, Giancarlo Riso and Jake Rice of Blueprint brought the portfolio out to market, and at that time, it was generating $4.5 million in EBITDAR on around $21 million in annual revenue. It comprised a mix of 409 private pay and Medicaid units, and was purpose-built between 2014 and 2016. There is room for upside, with occupancy hovering just above 75%. The four assets sit in primary and secondary markets across Arizona and Utah. After the joint venture seller’s 2019 acquisition, which it completed for $98 million, or... Read More »
Philadelphia AL/MC Community Trades Hands
Brett Gardner, Joshua Jandris and Jason Skalko of Cushman & Wakefield represented an undisclosed seller in its sale of The Terrace at Chestnut Hill, a 62,600-square-foot, 108-unit assisted living and memory care community in northwest Philadelphia, Pennsylvania. The buyer, MVJ Ventures LLC, was represented by Jason Stroiman and Brendan DeSilva of Evans Senior Investments. The community was built in 1987 and renovated in 2012, and at the time of sale, it was 85% occupied. It will be operated by Viva Senior Living, and rebranded as Viva Senior Living at Chestnut Hill. While the asset carried existing agency debt, the buyer elected not to assume the loan and instead paid off the... Read More »
RiverSpring Living Develops First NYC CCRC
Ziegler and HJ Sims, as co-managers, completed a $632.9 million tax-exempt bond financing for not-for-profit RiverSpring Health Living, Inc. Proceeds of the issue will be used to develop River’s Edge, a new CCRC set to comprise 260 independent living units on RiverSpring Living’s existing 32-acre campus in the Riverdale section of the Bronx, New York, overlooking the Hudson River, the Palisades, the George Washington Bridge and the Manhattan skyline. The project, the first phase of a planned two-phase development, will sit on land leased from the Hebrew Home at Riverdale, the skilled nursing component of the RiverSpring Living campus. At financing, the project had secured presales on... Read More »
Clarion Partners Expands in Nashville MSA
Clarion Partners, an affiliate of Franklin Templeton Investments, announced that Clarion Partners Real Estate Income Fund Inc. acquired Vitality Living Franklin, a 126-unit seniors housing community in Franklin, Tennessee (Nashville MSA). The community was built in 2014, renovated in 2023 and faced little new competition in the area. It was nearly full as a result. The community sits three miles from Williamson Medical Center and offers both assisted living and memory care services. The community is operated by Vitality Living, a Nashville-based senior living operator with more than 35 communities across the Southeast and Texas. Read More »
Regional Buyer Acquires Community Adjacent to Its SNF
Senior Living Investment Brokerage’s Jason Punzel, Vince Viverito, Jake Anderson and Taylor Graham recently sold a 42-unit assisted living community in Cashmere, Washington, near Wenatchee in the central part of the state. Epledalen Assisted Living was built in 1999 and was fully occupied, but its local owner/operator wished to exit the industry. So, a regional owner/operator looking to expand its Washington footprint stepped in to acquire the community for an undisclosed price. The buyer owns the skilled nursing facility that is adjacent to the community, so the acquisition should provide some operational synergies. Read More »Schedule a demo
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