SLIB Sells in Washington State
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Mercer Island, Washington. Built in 1990, the community features 50 units of assisted living and memory care and is situated in Lake Washington, east of Seattle and west of Bellevue. The seller was a private real estate fund, and the buyer is a Northwest-based regional owner/operator with a strong presence in Washington. The buyer is looking to expand further within the state. Their intent is to remodel the community and leverage operating systems. According to a local news source, the purchase price was approximately $5.5 million, or $110,000 per bed. The same source named an affiliate of... Read More »
Blueprint Closes Behavioral Health Deal
Blueprint’s Behavioral Healthcare team advised a national behavioral healthcare real estate investor in the re-tenanting of a substance abuse treatment center in the Norfolk, Virginia MSA. The existing asset had a previously strong operating history, though was not able to be conveyed with the license intact. Despite this challenge, multiple operators showed interest, with Blueprint procuring multiple LOIs. Blueprint identified and negotiated lease terms with behavioral healthcare-focused operators. Ultimately, a national substance abuse operator that Blueprint had previously closed with, was selected based on lease terms and execution capability. Andrew Sfreddo, Shane Harmon and Gunnar... Read More »
Ventas Purchases AL/MC Portfolio
Walker & Dunlop announced the closing of the Magnolia Springs portfolio consisting of seven communities across Ohio, Kentucky and Indiana. The seller appears to be a joint venture between LCS Real Estate and Nuveen Real Estate, which acquired the portfolio in 2018 and financed the deal with CBRE (before refinancing part of the portfolio in 2020). The average year built of the communities is 2014, and each had strong operating margins at the time of closing. The communities comprise more than 690 assisted living and memory care units, with average occupancy hovering in the low to mid-80s. Josh Jandris, Brett Gardner and Alex Vice handled the transaction. There were multiple offers... Read More »
Ventas Acquires AL/MC Community in Oregon
Newmark facilitated the divestment of a seniors housing community in Bend, Oregon. Built in 2013 and 2016, Mt. Bachelor Assisted Living and Memory Care comprises 156 assisted living and memory care units. Ventas revealed that it acquired this community for $55 million, or $352,600 per unit. This announcement comes shortly after Newmark facilitated the sale of a seniors housing portfolio featuring assets spread across three states. Dubbed Project Stone, the four-community portfolio includes Class-A communities at irreplaceable locations in strong Ohio, Kentucky and Missouri submarkets. Together, they comprise 460 independent living, assisted living and memory care units. The... Read More »
Blueprint Finds Buyer/Operator for Vacant Seniors Housing Asset
Blueprint’s Behavioral Healthcare team advised a seniors housing investor to both obtain specialized zoning entitlements for a vacant seniors housing asset and to sell the asset as a potential behavioral healthcare conversion following the re-zoning. Andrew Sfreddo, Shane Harmon and Gunnar Raney handled the transaction. Upon the investor securing the specialized zoning entitlements for inpatient behavioral use, Blueprint took the asset to market and procured an offer from a behavioral healthcare owner/operator which originally planned to purchase the asset, deploy capital improvements and license the building as an inpatient substance abuse facility. However, during escrow, Blueprint was... Read More »Schedule a demo
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