New Prudential Fund Secures $110 Million Deal
Prudential Real Estate Investors (PREI) closed on an acquisition of three large assisted living and memory care communities for $110 million, or $281,300 per unit. The new fund, Senior Housing Partners V, closed in May with $629 million of capital commitments. It is PREI’s fifth fund dedicated to seniors housing. One community in Tennessee opened in April 2012 and has 130 units, and another in Tennessee opened last October and has 126 units. The third property is in Connecticut, and it opened last September and has 135 units. PREI will retain Hearth Management, which previously owned the properties in a joint venture partnership, as the manager. Tim Cobb and Steve Thomas of Blueprint... Read More »Watercrest Senior Living Breaks Ground in Florida
Vero Beach, Florida-based Watercrest Senior Living Group, and its development partner Starling Senior Living, celebrated the official groundbreaking of a 90-unit assisted living community in Jacksonville, Florida. It will have 66 assisted living units and 24 memory care units totaling 79,000 square feet. All of Watercrest’s memory care associates are Certified Dementia Specialists. The building was designed by PQH Group. Read More »Seniors Housing Weekly Update – Legal Wrangling With CCRCs
May 26, 2015. 60 Seconds with Steve Monroe. One CCRC lost a legal battle with regard to its dining room policies. Other ramifications?… Legal Wrangling With CCRCs The American Seniors Housing Association recently issued a legal brief on a fair housing settlement involving a CCRC. The Justice Department had filed a complaint against a CCRC that had restricted use of the main residential dining room to the residents of the independent living units. This restriction also applied to spouses of an IL resident who were in the skilled nursing unit. Having personally spent a lot of time in a CCRC, I know that many residents don’t like to be reminded of what the future will be like for them,... Read More »Seniors housing prices by quartile
An owner of a new, well-occupied, profitable seniors housing property may look at the average price paid per unit of $208,200 for assisted and independent living communities in 2014 (according to the 2015 Senior Care Acquisition Report) and think it has no meaning to them and their above-average property. They may have a point, so we broke down the market by quartile and separated out the higher end of the market from the lower. Given the higher valuations and number of high-quality properties coming on the market, it should surprise no one that the upper quartile hit a new record with a price of $250,800 per unit (meaning that 25% of the properties sold in 2014 went for prices above this... Read More »Schedule a demo
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