Mike Garbers and Cody Tremper of JLL Capital Markets announced their involvement in Healthpeak Properties’ sale of 16 of its SHOP communities operated by several provider partners. White Oak Healthcare REIT joint ventured with Discovery Senior Living to acquire the portfolio for $230 million, or roughly $128,000 per unit. However, Healthpeak didn’t exit entirely, providing the buyer with $150 million in financing to fund the deal.
With 14 locations in Texas and one each in North Carolina and New Mexico, the communities totaled around 1,800 units of assisted living and independent living, split between majority- or all-IL buildings and majority- or all-AL buildings. Most were built in the late-1990s and early-2000s. Capital Senior Living previously operated seven of the communities, Atria Senior Living operated six and Life Care Services operated the remaining three.
Moving forward, Discovery Senior Living will operate and rebrand the entire portfolio, launching its new division and regional brand, Morada Senior Living, which will be based in Dallas. They will have a great price point to start with, which is way below replacement cost, giving them plenty of room for capital improvements.
