Newmark Announces Two Transactions
The team at Newmark announced a couple of closings, including the sale of an eight-property seniors housing portfolio located across the country. Dubbed Project Kandy, the portfolio features 1,024 total units of independent living, assisted living and memory care, with an average age of 14 years. In addition, Newmark sold a seniors housing community. Built in 2015, The Crossings at Riverview is an assisted living/memory care community with 92 units in Riverview, Florida, in the Tampa MSA. The buyer and no other details were disclosed. The deals follow Newmark’s sale of a three-property seniors housing portfolio in Texas. Built in 2016, Heartis Arlington is an assisted living/memory... Read More »
Fortress Investment Group Purchases in Arizona
Marcus & Millichap was engaged by a private, family office merchant builder in its divestment of a fully stabilized seniors housing community in Arizona. Built in 2019, Inspira at Arrowhead comprises 165 independent living, assisted living and memory care units in Glendale. Nick Stahler, Hamid Panahi and Steve Gebbing of Institutional Property Advisors, a Marcus & Millichap company, handled the transaction. Alanna Ellis and Alex Sheaffer of JLL arranged acquisition financing for the deal. There were multiple offers from institutional private equity and public REITs. The winning bidder, a joint venture between Fortress Investment Group, LLC and COGIR Senior Living, was ultimately... Read More »
Mainstay Acquires Two Tennessee Communities
Berkadia sold two assisted living and memory care communities in Tennessee. Berkadia Seniors Housing & Healthcare, led by Managing Directors Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. Totaling 127 units, the properties are located in the Knoxville and Jackson markets. Mainstay Senior Living purchased them for an undisclosed price. Read More »
Midwest Developer Acquires in Georgia
Daniel Geraghty and Brad Clousing of Senior Living Investment Brokerage represented a group of EB-5 investors in the sale of their 70-unit assisted living/memory care community in Georgia. Located in the town of Sharpsburg, a growing market between Newnan and Peachtree City southwest of Atlanta, the community was built in 2021 and was in excellent condition. It was also producing healthy cash flow, making for an attractive opportunity for a buyer to acquire a stabilized asset for below replacement cost. That buyer was a Midwest-based developer making its first acquisition in Georgia, for an undisclosed price. There were multiple offers from both national and regional... Read More »
Cincinnati Owner/Operator Divests SNF
Blueprint was brought on by a local owner/operator in its divestment of a 30-bed skilled nursing facility built in 2013 with all private beds in Cincinnati, Ohio. Located near a hospital, the facility was in great shape and only accepted Medicare and private pay residents. The seller divested to recycle capital and pay down maturing debt obligations, shifting its focus to alternative asset classes. The buyer was a well-capitalized owner/operator seeking to expand and increase operational leverage within the Cincinnati market. Connor Doherty and Ryan Kelly handled the transaction. We believe the deal also set a record for price per bed for skilled nursing facilities in Ohio, which... Read More »Schedule a demo
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