Balfour opens in downtown Denver
A 275,000-square foot, 205-unit senior living community with five stories of independent living and three stories of assisted living and memory care opened this month in Denver, Colorado, coming with a $78 million, or $380,500 per unit, price tag. The Balfour at Riverfront Park’s urban setting, located in downtown Denver, makes it unique in the senior living world, being walking distance to theaters, restaurants and shops. The building features 112 IL units (which opened in October 2014 and are half-filled so far), 65 AL units and 28 MC units, which are on a separate secure floor. Michael Schonbrun, the developer and owner, opened his first Balfour Retirement Community in Louisville,... Read More »Big investment from Capitol Seniors Housing
Capitol Seniors Housing (CSH), a real estate investor/developer specializing in seniors housing, recently announced that it had invested over $90 million in four senior living developments, all set to open in 2015. For roughly $34 million, or $312,000 per unit, CSH plans to open a 109-unit assisted living/memory care community (which includes a 39-unit freestanding memory care community) this month in Torrance, California, to be managed by Integral Senior Living. In May, a 79-unit AL/MC community (with 54 AL units and 25 MC units) is expected to open for a total cost of approximately $23 million, or $291,000 per unit. The building is located in Marlboro, New Jersey, which is about 30 miles... Read More »Brookdale and Monetizing Real Estate Value
Pressure is mounting on Brookdale Senior Living to monetize the value of its owned real estate, but at what cost? The pressure is increasing on Brookdale Senior Living “to do something” to monetize the hidden value in its owned real estate. This has all come up as a result of a weak fourth quarter from the recent Emeritus purchase. We have a big problem with all this. Yes, management always has to look to increase shareholder value. But everything that is being talked about is a short-term fix taking advantage of the current capital markets environment. As you know, we never liked the Emeritus acquisition for Brookdale. But now, by selling off the owned real estate of the combined company,... Read More »Pressure on Brookdale To Pump Up Value
A dissident shareholder has emerged trying to pressure Brookdale Senior Living to monetize its real estate assets. With Brookdale Senior Living’s weak fourth quarter earnings announcement came the dissident shareholder response from Sandell Asset Management. They want Brookdale to monetize the value of the real estate owned to boost the share price by nearly 35%, taking advantage of higher REIT valuations. Sorry, but it just isn’t that easy. Sandell’s proposal is to spin out the real estate, most likely in a new REIT in a tax-free distribution to shareholders. Well, that’s fine, but if it sale/leasebacks on 35,000 units, what about those rent escalators on such a large portfolio? Would it... Read More »Schedule a demo
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