Investment Firm Acquires in Minnesota
JLL Capital Markets arranged the sale and financing, secured through Freddie Mac, for a Section 8, affordable seniors housing community in Stillwater, Minnesota. Rivertown Commons features 96 units across seven stories with 55,800 total square feet. JLL worked on behalf of the seller, Dominium Management, and procured the buyer, a mission-first investment firm that specializes in affordable and workforce housing. The buyer intends to invest additional capital to refresh the units and common areas in addition to extending the existing affordability restrictions. The JLL Investment Sales and Advisory team was led by Managing Director Josh Talberg and Senior Managing Director Doug Childers.... Read More »
PGIM Acquiring Signature Senior Lifestyle
In its first seniors housing acquisition since 2022, according to publicly disclosed deals in LevinPro LTC, PGIM Real Estate is acquiring the real estate and operations of Signature Senior Lifestyle, an owner/operator/developer of seniors housing in the United Kingdom, subject to finalization. The acquisition was made on behalf of PGIM’s European value-add strategy, in partnership with Elevation Advisors LLP to source, structure and execute the transaction and asset manage the portfolio. The transaction is expected to close by the end of H1 2024. The Signature portfolio consists of 13 senior living communities, comprising 10 operating properties and three consented development projects in... Read More »
REIT Divests Distressed Community in Meridian, Idaho
Senior Living Investment Brokerage leveraged an auction process on behalf of a REIT selling a seniors housing community in Meridian, Idaho. The REIT is divesting to exit operations in the state. The buyer is an Idaho-based owner/operator expanding its footprint in the state. Built in 1969 and remodeled in 2013, Copper Springs Senior Living features 95 units and 105 beds of assisted living and memory care. The community sits on 4.99 acres and comprises 49,664 square feet. Occupancy was 75% at the time of closing, but the community was losing around $670,000 in EBITDAR on revenues of $3.74 million. Vince Viverito, Jason Punzel, Brad Goodsell and Jake Anderson handled the transaction,... Read More »
Rebirth of Vacant Pennsylvania AL Community
The Prestige Group facilitated the sale of a vacant seniors housing community in Milford, Pennsylvania. In the early 1980s a local real estate entrepreneur purchased a former Milford high school and repositioned it to a 220-bed assisted living community. The building was equipped with an auditorium plus a full stage, and the entrepreneur decided to run a theater company through the community. The productions were open to the public, introducing people to the community. Rockwell Center was run by the founder for 40 years and then his family after his death. The family eventually moved from the area, divesting their local Milton area assets, except for this community. In June 2023, the... Read More »
Kauhale Health Acquires in South Carolina
Kauhale Health, a Midwest-based firm, announced its second acquisition in seniors housing with a deal in Greenville, South Carolina. Built in 2001, The Parker, comprising 66,765 square feet across 3.5 acres, features 74 assisted living and 17 memory care units. Within the past three years the common areas and more than one third of the units have been renovated and remodeled. Blueprint handled the divestment of The Parker in 2020, when an undisclosed private investor acquired the community. Leadership turnover in a very competitive market led to declining performance between 2016 and 2017 before the community started to rebound in 2018. Cash flow continued to decline during Blueprint’s... Read More »Schedule a demo
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