Newmark crisscrossed the country to find buyers for a few seniors housing communities at the end of August. First, representing Healthpeak Properties in another one of the REIT’s divestments, the Newmark team sold a 160-unit CCRC in Northridge, California that was formerly operated by Brookdale Senior Living. Originally built in 2001, the community has grown over the years to include 91 assisted living, 24 memory care and 45 skilled nursing units. Pacifica Senior Living bought it for $29 million, or $181,000 per unit.
Next, Newmark reported the sale of two Fort Myers-area assisted living/memory care communities to Lone Star Funds for $51.5 million, or $192,900 per unit. Previously owned by Preston Hollow Capital and operated by HMP Senior Solutions, they were around 65% occupied. The North Port property was built in 2015 with 133 units, while the Fort Myers community was built two years later with 134 units. The operating margin was in the single digits, which will give the new operator, Discovery Senior Living, some leeway to add value. The stabilized cap rate exceeded 7.0%, to give you an idea of how things could improve.
