Struggling Ohio CCRC Changes Hands
In a swift transaction, Blueprint’s Connor Doherty, Ryan Kelly and Dan Mahoney closed the sale of a CCRC in Richmond Heights, Ohio (Cleveland area), just 55 days from offer acceptance to closing. That fast track, helped by the buyer paying all cash, got the deal completed before year-end, enabling the new owner to benefit from Ohio’s improved reimbursement environment. The property, Richmond Heights Place, may need that, as it was losing money at the time of the sale. Nearly 25 years old, the 138-unit community was previously owned by a West Coast-based owner/operator that was making a strategic exit. A well capitalized private owner/operator looking to expand and increase its scale in the... Read More »
PE Firm Divests in Wisconsin
A regional owner/operator that was looking to expand its footprint was selected as the buyer of a seniors housing community in Pleasant Prairie, Wisconsin. Built in 2016, the community comprises 100 assisted living and memory care units. The seller was an undisclosed, East Coast-based private equity firm. Bradley Clousing, Ryan Saul and Jeff Binder of Senior Living Investment Brokerage handled the national, yet confidential, transaction. There were multiple offers from both regional and national buyers. No other details were disclosed. Read More »
Family-Owned PruittHealth Expands in Georgia
PruittHealth expanded its footprint after making a seniors housing acquisition in Atlanta, Georgia. Built in 1998, Brighton Gardens of Buckhead is an assisted living/memory care community with 75 units and 112 beds. It will be rebranded as PruittPlace – Buckhead, and the buyer intends on conducting renovations on the asset in the future. With the addition of this community, PruittHealth now operates 108 senior living communities and health care centers in five states. This transaction comes only several months after PruittHealth was selected as the buyer for Piedmont Healthcare Inc.’s skilled nursing portfolio that included Laurel Park, Piedmont Augusta Extended Care Kentwood... Read More »
TJM Acquires Two Florida AL/MC Communities
TJM Properties acquired two assisted living/memory care communities in Bradenton and Venice, Florida, from a private REIT that purchased the assets as part of a large portfolio. These were TJM’s sixth and seventh assets acquired in the past 12 months. The buyer intends to invest in cosmetic updates for both communities. The Brandenton community was built in 1989 and comprises 74,786 square feet across 7.62 acres. The Venice community was constructed in 1998 with 74,445 square feet on 4.06 acres. Together, the assets total 211 units. Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the transaction. No purchase price was disclosed. Read More »
United Properties Expands in Minnesota
United Properties acquired a senior living community in Champlin, Minnesota, as its third senior community in the immediate area. United now owns/operates seven Amira Choice communities in the Twin Cities and two in Florida. It also owns three Amira active adult communities in the Twin Cities and intends to expand its portfolio in the coming years. Built in 2002, Champlin Shores comprises independent living, assisted living and memory care units. United intends to update the community in the next three years and rebrand it as Amira Choice Champlin. The selected operator is Ebenezer Senior Living. Blackstone and Brookdale Senior Living purchased the asset in 2017 from Healthpeak... Read More »Schedule a demo
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