The Cushman & Wakefield team led by Rick Swartz, Jay Wagner and Aaron Rosenzweig ended 2019 with a bang. In the last six weeks of the fourth quarter, they closed eight separate sales involving 18 properties and 1,908 units for a total consideration in excess of $500 million. The largest transaction was a seven-property portfolio for $103.25 million on behalf of Diversified Healthcare Trust. The team also placed the acquisition financing on several of the sales.
A few smaller portfolios included the sale of three assisted living and memory care communities with 248 units in the Boston metro area and a two-property portfolio of 220 units in Albuquerque, New Mexico and Austin, Texas on behalf of Titan Development and Everwest to a PE firm in partnership with Watermark Communities. For this latter one C&W placed $41.6 million of financing for the buyer. There was an additional two-property portfolio in San Antonio, Texas they sold on behalf of Healthpeak Properties consisting of 190 units of assisted living and memory care. The buyer was Palatine.
Some of the single-property sales included a 137-unit AL/MC community in the Los Angeles metro area on behalf of a large PE firm for $39 million, or $285,000 per unit, a 150-unit active adult community in the Chicago market on behalf of a joint venture between Dune Real Estate Partners and Focus Healthcare Partners to Livingston Street Capital (placed financing as well), a 264-unit IL/AL/MC community in Owings Mills, Maryland for Walton Street Capital, with the buyer Focus Healthcare Partners, which will retain Senior Lifestyle Corporation as the operator, with the intention of executing a multi-million-dollar improvement plan.
Finally, C&W sold a 150-unit independent living community in Stuart, Florida called The Point at Ocean Boulevard. The buyer was Waypoint Residential. Arrow Senior Living will continue to manage the community, which was built in 1986 and recently completed a $5.4 million renovation. Joining Swartz, Wagner and Rosenzweig on some of these transactions include Jim Dooley, Dan Baker, Tim Hosmer, Chris Remeika, Bailey Nygard and Jack Griffin.
The C&W team should have a strong first quarter with more than $500 million in transactions expected to close. This includes two separate joint venture equity assignments for two development projects, four sales involving six communities, and a recently closed sale of three active adult communities in the Las Vegas market for Attiva. That will be two great back-to-back quarters.
