The team at IPA Seniors Housing highlighted a CCRC’s highly desirable location in the affluent Washington, D.C. suburb of Fairfax, Virginia, to sell the asset to an affiliate of Focus Healthcare Partners. Andrew Hilding, Mark Myers and Joshua Jandris represented the seller, Thompson Associates, in the sale, which did not disclose a price.
The property, built in phases from 1980 to 1986, consisted of 306 total beds, including 96 skilled nursing beds and the rest coming with either independent living or assisted living services. Age apparently is holding the community back from competing well in the high-income market, so Focus plans to complete a substantial renovation of it.
It has the advantage of being the only rental CCRC in the area, so it will be well positioned to compete with the high-quality entrance fee properties. To fund the acquisition, Aron Will and Austin Sacco of CBRE secured $65.2 million in acquisition financing from a national bank. The non-recourse loan featured a floating rate, a five-year term, and 48 months of interest only. Life Care Services will take over operations under a third-party management contract.
The IPA team of Jandris, Myers and Matthew Andriano also closed the sale of a county-owned skilled nursing facility in Urbana, Illinois, after a long process prolonged by a controversial political environment. The 243-bed skilled nursing facility, built in 2005, had some financial issues for a long time, prompting Champaign County’s desire to exit the asset. Eventually, the buyer, University Rehab Real Estate LLC, stepped in as the new owner, paying $11 million, or $45,300 per bed. We’re sure IPA’s extensive experience in selling county-owned SNFs got the deal over the finish line.
