Joint Venture Seller Divests CCRC to Not-for-Profit
Ziegler sold Asbury Place Maryville, an entrance fee community in Maryville, Tennessee, on behalf of McFarlin Group and Artisan Capital Partners. The 177-unit community sits on 40 acres and consists of 73 independent living apartments and cottages, and two 22-unit assisted living and memory care buildings that were built in 2017. There is also a 43,000 square foot decommissioned assisted living building that the new owner intends to redevelop. After Ziegler’s focus on a select group of qualified buyers, HutsonWood, a not-for-profit, mission-driven senior-living and housing organization, purchased the property and took over operations on November 1. Based in Nashville, the organization... Read More »
Arizona AL/MC Communities Trade Hands
Shortly after acquiring a Texas community through a joint venture with JDI Realty (Berkadia handled that transaction), Stellar Senior Living acquired two more assets are in Arizona. They were purchased through a joint venture with Bakerson Companies. CBRE secured acquisition financing for the assets, The Oaks Assisted Living & Memory Care and The Groves Assisted Living & Memory Care. The communities will continue to be managed by Stellar. Aron Will and Adam Mincberg of CBRE National Senior Housing, and Scott Peterson and Brian Cruz of CBRE Capital Markets, secured the three-year, $32.8 million, floating-rate loan with full-term interest only through a national bank. Located in... Read More »
Azure Partners Enters Seniors Sphere Through IL/AL Purchase
JLL Capital Markets arranged the sale and financing for Cypress Court, a 148-unit independent and assisted living seniors housing community in the Escondido submarket of San Diego, California. The seller was an affiliate of Kisco Senior Living, and the buyer was Azure Partners. The 10-year acquisition loan was arranged through Freddie Mac. Northstar Senior Living will continue to manage the asset, which marks the first seniors housing community acquired by Azure, a real estate investment firm, which is aiming to “rapidly” expand its portfolio in the sector. Cypress Court offers 76 independent living and 72 assisted living units on 2.54 acres. It was stabilized at the time of... Read More »
Sabra Trims Forecast, Tempering a Solid Quarter
Sabra Health Care REIT, Inc. announced several acquisitions in its third quarter results. The REIT acquired six managed seniors housing properties for $217.5 million with an estimated initial cash yield of 7.8%, three of which were acquired through a consolidated joint venture in which Sabra has a 95% equity interest. The company also purchased the operations of four managed seniors housing properties during the quarter. The assets were previously leased to a tenant under triple-net operating leases for $19.7 million. Subsequent to quarter end, Sabra closed on three additional managed seniors housing properties for $124.0 million with an estimated initial cash yield of 7.0%, bringing... Read More »
CareTrust’s Flurry of Acquisitions
CareTrust REIT, Inc. closed a series of transactions totaling approximately $437 million in late October. In two separate deals, the REIT acquired 12 skilled nursing facilities and one skilled nursing campus located across the Southeast and Mid-Atlantic. The combined portfolio includes approximately 1,760 licensed skilled nursing beds and assisted living units and are leased to a mix of existing and new operators under long-term, triple-net leases with annual rent escalators and multiple renewal options. Each operator brings deep regional expertise and a strong track record of clinical and financial performance. At closing, CareTrust funded the transactions using cash on hand. CareTrust... Read More »Schedule a demo
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