JV Seller Divests to JV Buyer
A joint venture seller engaged CBRE in the divestment of its affordable seniors housing community in Santa Cruz, California. The buyer was also a joint venture, between Jonathan Rose Cos. and First Community Housing. Built in 1981, Mission Gardens Apartments comprises seven buildings with 50 units reserved for households that earn up to 50% and 60% of AMI. All units are under a project-based Section 8 contract that was extended by Jonathan Rose for another 20 years. The buyer also intends to conduct renovations. Walker & Dunlop provided financing through HUD. Other entities involved in the transaction include the City of Santa Cruz, HUD, CalHFA and the California Tax Credit... Read More »
Investment Group Acquires Site for CCRC Development
California Commercial Investment Group acquired a 19-acre site in Woodland Hills, California, approximately 30 miles west of Los Angeles. Motion Picture & Television Fund was the seller, and the purchase price was reportedly $30 million. The buyer intends to develop a luxury senior living CCRC comprising 300 units. Construction is set to begin in 2026 with completion expected by 2028. Such a high barrier-to-entry market should not see very elevated levels of new development by then, when capital costs are theoretically lower to support many more construction projects than in today’s market. Many other markets may not be so lucky four years from now, given what we saw with... Read More »
Owner/Operator Expands SNF Footprint in Ohio
A regional owner/operator looking to shift its focus to other alternative classes brought on Blueprint in its divestment of a 118-bed skilled nursing facility in Dayton, Ohio. Opened in 1973, the facility recently faced challenges including survey issues resulting in financial disruption. There was a competitive marketing environment with multiple offers. The emerging buyer was an owner/operator with an existing footprint in Ohio, and this was their second acquisition in the Dayton MSA. Closing was achieved shortly after obtaining HUD approval. Connor Doherty and Ryan Kelly handled the transaction. Read More »
Sherman & Roylance Facilitates Florida AL/MC Deal
Sherman & Roylance were brought on by CareTrust REIT in its divestment of a seniors housing asset in northwestern Florida. Built in 1997, the assisted living/memory care community comprises 64 beds in 42 units and had an occupancy rate of 87%. The buyer was a local owner/operator looking to expand their regional footprint. Jack Osteen, Shep Roylance and John Sherman handled the transaction. Read More »
SLIB Closes Minnesota Deal
Wanting to fund continued investments in the seniors housing space, the owner of a 118-unit seniors housing community in Mankato, Minnesota, sold the property to a private equity group, for an undisclosed price. Jason Punzel, Jake Anderson, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction. Built in 2019, The Pillars of Mankato consists of 98 independent living/assisted living units and 20 memory care units, approximately 75 miles southwest of Minneapolis. The IL/AL units were all interchangeable. Occupancy was close to full, and the community was stabilized, but no financial details were disclosed. The out-of-state private equity group... Read More »Schedule a demo
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