Two Assisted Living Communities Trade in Florida
Ken and Damien Carriero of Colliers International announced a seniors housing closing involving two assisted living assets in Florida. Prompting the sale was the undisclosed seller’s plan to liquidate their assisted living properties to potentially invest in other asset types. Included in this deal was the 16-unit/32-bed Green Gables in Vero Beach and the 32-unit/40-bed Jane Adams House in Amelia Island. Green Gables was built in 2000, and Jane Adams House was built in 1997. The communities were 87% and 90% occupied, respectively, which is certainly strong compared with the rest of the industry. Combined revenues reached $1.155 million, with the communities reporting combined EBITDA... Read More »
Cushman & Wakefield Sells Vancouver, WA Portfolio
Cushman & Wakefield served as exclusive advisor to Rood Investments, LLC to sell the company’s three seniors housing communities in Vancouver, Washington. Totaling 703 units, the portfolio comprises two large senior living campuses and one 83-unit active adult community called The Lofts at Glenwood that opened in 2017. The 325-unit Glenwood Place was originally built in 2001, and The Quarry opened in 2008 with 291 units. Both feature a mix of independent living, assisted living and memory care units. Rood Investments is an owner/developer that also self-managed these communities. Operations were strong, despite a pandemic drop in census. Occupancy has since rebounded to the 80s... Read More »
Chicago Pacific Founders Adds Winter Garden Property
Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., acquired The Summit of Winter Garden, a 113-unit senior living community in Winter Garden, Florida (Orlando MSA). Opened in June 2017, the community features 69 independent living and 44 assisted living units. Grace Management will take over management, but they are jumping into a strong operation, as occupancy rose from 92% at the time of the sale to 95% as of May 2022. Additional details were not disclosed, but CPF plans to make investments in the campus. This is the first seniors housing acquisition of the year for CPF, which announced three deals in 2021 and just two in 2020. That... Read More »
Newmark Announces Several High-Quality Community Sales
The team at Newmark certainly demonstrated variety with its productivity in the first four months of the year in seniors housing and care transactions. The team closed eight sales, four refinances, three acquisition loans and three construction loans for a host of clients across the country. And from what we hear, there are another $550 million to $600 million in active adult sales alone set to close in the next two months. So, the momentum is building for another great year. To the sales, a couple of deals involved very high-quality properties that sold way above the average per-unit price for seniors housing sales. Most recently, that was the sale of Danberry at Inverness, a senior... Read More »