Mike Garbers and Cody Tremper of Greystone Real Estate Advisors just announced a slew of transactions that closed at the end of 2017, advising the seller in each deal. First, the pair closed the sale of a 38-unit/66-bed memory care community in Tulsa, Oklahoma. A private equity group sold the community to a joint venture between a public REIT and a national operator.
Then, speaking of joint ventures, an institutional private equity group and a private developer/operator teamed up to purchase a 72-unit/78-bed assisted living community in Spring, Texas from a Lone Star State-based developer. And finally, Messrs. Garbers and Tremper went to Vernon Hills, Illinois to sell a 70-unit memory care community. A national owner/operator, which was the current operator, purchased the community from the development partner.
These three transactions come on the heels of Greystone’s announced representation of the seller of the three Dallas-area memory care communities bought by Invesque (formerly Mainstreet) earlier in February.
