Cushman & Wakefield’s Seniors Housing Capital Markets team has been closing a lot of business in the shortest month of the year, negotiating the sale of a couple of portfolio transactions on opposite sides of the country. First, out West, the team of Rick Swartz and Jay Wagner advised Focus Healthcare Partners in their sale of two seniors housing communities in Portland, Oregon. Including a 127-unit independent living community built in 2006 and a 58-unit assisted living/memory care community built in 2007, these communities both recently received significant capital improvements. The AL community interestingly was the last acquisition of Sunwest Management before the company went into bankruptcy protection. The original TIC investors sold it to Focus in 2015 for $10.8 million, or $186,200 per unit. In 2017, the community also converted a number of units to memory care. The recent capital investments and solid operations made the properties an appealing target to a private equity firm, which acquired them for an undisclosed price. Artēgan will continue operating the communities.
Then, in the Greenville, South Carolina MSA, Cushman & Wakefield’s Tampa-based team of Paul Carr, David Kliewer and Allen McMurtry sold three assisted living/memory care communities totaling 198 units. Each featuring 66 units (split between 48 AL and 18 MC), they were previously owned by Greenville-based Graycliff Capital Senior Housing and operated well with over 95% occupancy. There is also opportunity for expansions at the three locations. We’ll see if the buyer, Atlas Senior Living, follows up on that, after acquiring the communities for $48.4 million, or $244,400 per unit.