Top-Tier Asset Trades in Savannah
Senior Living Investment Brokerage’s Daniel Geraghty and Bradley Clousing handled the sale of a Class-A seniors housing community in Savannah, Georgia. Opened in 2020, Thrive on Skidaway features 146 units of independent living, assisted living and memory care on Skidaway Island near The Landings, a large resort community where many of the residents still have memberships to enjoy all the amenities the private community has to offer. There are limitations on developable land on Skidaway, as well as strict sewer and infrastructure regulations that create significant barriers to new development that make it difficult for potential competitors to enter the market. As a result, this property... Read More »
Blueprint Sells Two Seniors Housing Portfolios
Dan Mahoney, Kristen Ahrens, Dillon Rudy and Pat Maloney of Blueprint facilitated the sale of two stand-alone, Class-A memory care communities in solid markets in Oregon and Washington. Built in 2015, Windsong at Eola Hills is a 56-unit value-add community in Salem, Oregon. The community was generating $800,000 in EBITDAR. Built in 2019, Windsong at Southridge is a stabilized, 56-unit private-pay community in Kennewick, Washington. It was generating more than $1.4 million in EBITDAR. Strong buyer interest resulted in six offers, with the sellers (which are exiting the seniors space through this divestment) ultimately choosing a Pacific Northwest-based operator partnering with a West... Read More »
National Operator Acquires in Arizona
A court-appointed receiver engaged Senior Living Investment Brokerage to sell Heritage Village, a 128-unit assisted living/memory care community in Mesa, Arizona. Prior to the sale, the property had operational and public relations challenges due to several previous events associated with the former operator. It will be getting a fresh start under the ownership of a national operator with a regional presence in Arizona. Built from 2009 to 2013, the community features a total of 192 beds and sits on 4.5 acres. It was 57% occupied, and lost approximately $900,000 on $6.0 million of revenues. Brad Goodsell and Ryan Saul handled the sale process, which saw multiple offers. The community... Read More »
Goodman Group Acquires Minnesota Asset
The Goodman Group announced an acquisition of a seniors housing community in its home state of Minnesota. The deal comes about six months after Kevin Carden joined the firm to lead its seniors housing and multifamily acquisition and development arm with Michael Leonard. Carden previously held roles at Greene Park Capital, REDICO, Ziegler and Classic Residence by Hyatt. Goodman executed on a 1031 exchange, trading out a multifamily property for a 97-unit assisted living/memory care community in Eagan, Minnesota (Minneapolis MSA). The institutional-quality asset was built in 2017 by a local developer, which had Ebenzer as the property’s manager. Operations were strong, with nearly full... Read More »
CareTrust Makes Two Acquisitions in California
CareTrust REIT announced two separate acquisitions in California with a total investment amount of approximately $55 million. The investments were funded using cash on hand. First, the REIT acquired a skilled nursing and assisted living campus in Los Alamitos, California. The campus includes a 150-bed skilled nursing facility (Alamitos West Health and Rehabilitation) and a 68-unit/140-bed RCFE (Katella Senior Living Community). CareTrust’s acquisition of the campus was completed through a joint venture with a third-party healthcare real estate owner. At closing, CareTrust provided a combined common equity and preferred equity investment totaling approximately $24 million at an... Read More »Schedule a demo
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