Marx Development Group Finalizes West Virginia Acquisition
Lument Securities has closed the sale of four West Virginia-owned skilled nursing facilities to Marx Development Group (MDG). MDG subsidiary Majestic Care is taking over operations at the facilities in a smooth transition. The deal closed on October 31. Managing Director and Head of Mergers & Acquisitions Laca Wong-Hammond orchestrated the sale on behalf of its client, the state of West Virginia. There was an extensive marketing campaign that resulted in an active bidding environment, with over 140 parties indicating interest, 62 moving forward to signing non-disclosure agreements (NDAs), and nearly a dozen parties submitting letters of intent. MDG was selected due to its experience,... Read More »
Seller Divests and Exits Seniors Housing Space
Brooks Minford of Berkadia sold a seniors housing campus in central Florida, in the town of Lakeland between Orlando and Tampa. Built in 2014 and 2017, the community features 156 units of independent living, assisted living and memory care. It was well occupied at 90%. The seller, which is focused on the retail and multifamily sectors but had been involved in seniors housing for more than a decade, wanted to exit the space. Berkadia had previously arranged financing for them. Minford sold the community to a family office with an operating partner. The purchase price was not disclosed. Read More »
Publicly Traded REIT Divests Seniors Housing Portfolio
A Wisconsin-based developer sold its five seniors housing properties in the Badger State to LTC Properties. Tukka Properties has a longstanding relationship with Walker & Dunlop, which had secured development debt, equity and permanent financing for the assets over the years and had also sold a Tukka-developed property to Welltower in 2021 (see details of that deal here). Now, the Walker & Dunlop team led by Alex Vice and Matthew Lund sold four properties, with a fifth property sold by Jason Punzel, Jake Anderson and Ryan Saul of Senior Living Investment Brokerage. Totaling 520 units, the five communities feature a combination of independent living, assisted living and memory... Read More »
Sale Revives Stalled Seniors Housing Development
Blueprint closed on the sale of a partially developed seniors housing community in Pearland, Texas. Originally planned as a 198-unit independent living, assisted living and memory care community on 9.6 acres, the project was approximately 60% complete when development stalled. Blueprint targeted seniors housing operators and developers, as well as multifamily groups exploring adaptive reuse options. After a years-long process and multiple offers, including two that tied up the asset prior to closing, Moody National Companies emerged as the ultimate buyer. Moody is a Houston-based developer with a strong track record in multifamily investments. While initially exploring alternate uses for... Read More »
Cash Flowing Assets Trade in Florida and Oregon
Blueprint was engaged by a repeat institutional private equity client in the sale of a Class-A assisted living/memory care community in the Clearwater, Florida MSA. The community has received investments over the years and offered immediate in-place NOI and strong operating margins, while presenting some value-add opportunities. Kyle Hallion, Dillon Rudy and Jacob Gehl identified a large, privately held owner/operator based in Georgia as the ultimate buyer. The group has meaningful scale in the Southeast and is eager to grow in Florida. This marks the second transaction between the same buyer and seller, following a successful multi-asset portfolio sale earlier this year. Rudy and Gehl... Read More »Schedule a demo
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