PCP Purchases Ohio Assisted Living Community
Phorcys Capital Partners LLC, the investment advisor to Phorcys Senior Housing Recovery Fund LP (SHRF), announced it acquired a seniors housing community in Wickliffe, Ohio, through a trustee-directed short sale for $13.0 million, or $81,000 per unit. This is PCP’s second investment in SHRF, and it will continue to focus on the winding down of muni-finance bond transactions to add additional assets to its senior living portfolio. Built in 1979 as a hotel and renovated/converted in 2018, Tapestry Senior Living Wickliffe is a four-story assisted living community comprised of 160 studio and one-bedroom units, with 124,212 square feet on 5.2 acres. It was previously operated by Tapestry Senior... Read More »
Newmark Closes Class-A Deal in Denver
A new seniors housing community traded in the Denver, Colorado MSA, with the help of the team at Newmark. Developed in 2017, MorningStar at RidgeGate is located in the suburb of Lone Tree within the Ridgegate master plan that features retail, cultural amenities and a 284-bed hospital nearby. The property comprises five stories over subterranean parking and has 224 total units: 124 independent living, 71 assisted living and 29 memory care. It was historically well occupied, averaging above 93% since 2020. And there was attractive in-place debt on the property, which certainly helps to entice investors (and boost the purchase price). Considering the property vintage, quality and... Read More »
Public REIT Purchases Texas Class-A Seniors Housing
Blueprint was engaged in the divestment of a Class-A seniors housing community in San Antonio, Texas. Built in two phases in 2011 and 2017, Franklin Park TPC Parkway comprises 269 independent living, assisted living and memory care units. Following the completion of a six-year freeway expansion project that affected leasing, access to the community dramatically improved. Brooks Blackmon, Ben Firestone and Lauren Nagle handled the transaction. There was a competitive marketing process with five written letters of intent from REITs, owner/operators and real estate investment firms, resulting in multiple rounds of bidding. The ultimate buyer was a public REIT that elected to maintain Franklin... Read More »
Eads Sells Its 24th & 25th Missouri Community
Patrick Byrne of Eads Investment Brokerage facilitated the divestment of two seniors housing communities in Missouri. This marks the 24th and 25th communities sold in Missouri for Eads. The Moberly community (which we believe to be Mark Twain Assisted Living) comprises 35 assisted living/independent living units and sold for $2.57 million, or $73,000 per unit. It regularly produced EBITDA around $300,000. The seller was a local owner/operator that built and expanded the community over the course of 30 years. A local owner/operator establishing its footprint in a new market bought the community. Next, PREA brought on Eads to sell its affordable seniors housing community in Concordia that... Read More »
Pacifica Companies Acquires National Portfolio
Pacifica Companies, LLC, a privately owned real estate private equity firm based in San Diego, California, acquired the majority of the not-for-profit Retirement Housing Foundations’ market-rate seniors housing and skilled nursing assets. Ziegler served as exclusive sell-side advisor to RHF on the transaction, which closed in phases throughout late 2022, 2023 and the first quarter of 2024. The portfolio consists of 15 seniors housing communities across six states: California (7 communities), Florida (3), Missouri (2), Indiana (1), Kentucky (1) and South Carolina (1). There are around 3,200 market-rate independent living, 850 assisted living/memory care and 563 skilled nursing beds.... Read More »Schedule a demo
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