Grace Management Adds Five Ventas Communities
Grace Management expanded its relationship with Ventas, adding five seniors housing communities owned by the REIT to its operating portfolio. The communities were previously managed under a triple-net lease structure. They include Brookdale Lake Shore Drive in Chicago, Illinois, Brookdale Northbrook in Northbrook, Illinois, Brookdale Springs Mesa in Mesa, Arizona, Brookdale Peoria in Peoria, Arizona, and Brookdale Bartlesville South in Bartlesville, Oklahoma. Grace will rename the Chicago community The Hallmark, and the remaining four properties will adopt the “Inspirations” brand. The Hallmark will undergo a multi-million dollar renovation to maximize its appeal with its lakefront... Read More »
Seller Boosts Census Ahead of Sale to JV
Senwell Senior Investment Advisors sold Rose Hill Retirement Community, a 66-unit, 87-bed assisted living community in Marion, North Carolina. Originally built as a hospital, Rose Hill has been transformed by the seller over the past two decades into a senior care community. After a previous attempt to sell the community was unsuccessful, ownership engaged Senwell, which connected the owners with an experienced operator with an existing portfolio. During the due diligence process, census improved, resulting in a stronger and more stabilized business than originally anticipated. That’s a broker’s dream. Rose Hill’s strong private pay model, minimal competition in the local market and stable... Read More »
Joint Venture Buys Orange County Community
A high-end seniors housing community in Orange County sold with the help of CBRE National Senior Housing. Aron Will and John Sweeny represented the joint venture seller in the deal, while Will and Matthew Kuronen arranged acquisition financing from a national bank. The loan came with a four-year term, a full term of interest only and a floating rate. A joint venture between Belmont Village Senior Living and Harrison Street Asset Management bought the asset for an undisclosed price. But considering the affluent market and the high-quality Belmont Village brand, we believe it was a high price. Belmont Village Aliso Viejo was built in 2019 and encompasses 3.4 acres and features a... Read More »
ESI Closes Two SNF Deals
Evans Senior Investments handled a sale on behalf of an institutional owner/operator in California. The 64-bed skilled nursing facility is in California. The ultimate buyer was also based in California and entered into a new long-term lease agreement with Sun Mar Healthcare, a regional operator with a portfolio of skilled nursing and post-acute care facilities across the Golden State. ESI facilitated the sale of another skilled nursing facility in a separate transaction. A long-time regional owner/operator that was looking to divest a non-core asset engaged the firm. Eastview Rehabilitation & Healthcare Center, a 92-bed skilled nursing facility in Birmingham, Alabama, demonstrated... Read More »
30+ SNFs Sell to Large Owner/Operator
A portfolio of more than 30 skilled nursing facilities totaling over 4,900 beds has sold, allowing the regional skilled nursing owner/operator to exit the industry. Few details were disclosed, and the deal appears to have been done very quietly, but the portfolio spanned between five and 10 states in the Southeast and featured approximately 35 facilities. Occupancy was around 82% on average, and it was not considered to be a cap rate deal. The owner had operated the facilities for more than 20 years. The seller wished to retire and had previously tried to sell the portfolio, but those processes failed. They then engaged Stan Klos of 3G Healthcare Real Estate, who called a large... Read More »Schedule a demo
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