PGIM Acquires Class-A Community in Florida
Berkadia announced the sale and financing of a Class-A seniors housing community in the Orlando, Florida MSA, Oakmonte Village at Lake Mary. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers represented the seller while Austin Sacco and Steven Muth handled the mortgage banking advisory services. The transaction closed in September. The buyer was a joint venture between PGIM Real Estate and Grand Living. Built in phases between 2009 and 2015, Oakmonte Village comprises 351 independent living, assisted living and memory care units in Lake Mary, Florida. The community sits on 25 acres and spans across one three-story IL building, one three-story AL building, one single-story MC... Read More »
Two Texas SNFs Trade
Matthew Alley of Senior Living Investment Brokerage closed the sale of two skilled nursing facilities in Texas. Located 10 miles from each other in Daingerfield and Hughes Springs, the facilities total 175 beds and were previously owned by a local independent owner/operator that is selling its only senior care assets. They were each more than 50 years old. Occupancy was around 60%, and the facilities were operating just under breakeven on approximately $8.35 million of revenues. Both facilities were also enrolled in QIPP which provides for additional revenue not already in the financials. An owner/operator of several facilities in Texas emerged as the buyer, with plans to take... Read More »
Silver Wave Capital Announces First Acquisition
Silver Wave Capital, a newly formed private investment firm set to take advantage of value-add opportunities in the seniors housing M&A market, has announced its first closed acquisition. The deal included a 116-unit assisted living/memory care community in Naples, Florida. We understand the property was around 20 years old and was not stabilized. It was also being sold by a REIT owner. Blueprint’s Brooks Blackmon, Kyle Hallion and Lauren Nagle handled the transaction. Cory Wake and Elan Ruggill of Silver Wave Capital made the acquisition through a joint venture with its co-GP partner Persimmon Ventures, an established seniors housing investment firm that is run by Stephen Bellone. The... Read More »
Chicago Pacific Founders Acquires in Florida
Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, Inc., announced the acquisition of a seniors housing community between Pensacola and Pensacola Beach in coastal Florida. Built in 2018, The Arbors of Gulf Breeze features 132 units with 51 independent living, 58 assisted living and 23 memory care units. Grace Management will operate the community on a go-forward basis. The community, which was described as a stabilized, quality asset, was previously owned by a local partnership that had reached the end of their investment horizon. Based on the age, performance and quality of the community, we would guess it traded around a market cap rate for... Read More »
Sonida to Acquire in Georgia
Sonida Senior Living, Inc. entered into an agreement to acquire two seniors housing communities that comprise 178 units in Atlanta, Georgia, for $29 million, or $163,000 per unit. The acquisition is expected to be funded through cash on hand and proceeds from Sonida’s senior secured revolving credit facility. Next, Sonida completed the acquisition of eight senior living campuses in the Southeast for $103 million. These transactions have increased the company’s year-to-date acquired properties to 17 and expanded its operating portfolio to 91 communities. Also, Sonida closed an additional $75 million commitment on its senior secured revolving credit facility, bringing the total capacity to... Read More »Schedule a demo
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