Investor Divests in Arkansas
Daniel Morris of Plains Commercial Real Estate was engaged by an investor in its divestment of a seniors housing asset. Pine Bluff Assisted Living is a 60-licensed-bed assisted living community in Pine Bluff, Arkansas, which used to be a part of the former Davis Life Care Campus. Occupancy was hovering around 65% at closing. The campus was leased by a regional not-for-profit operator, and Plains was engaged to sell or lease the campus to a new operator before the expiration of the not-for-profit’s lease. The other portion of the campus was leased in 2023 to a new tenant. Pine Bluff was the last building in the campus to be reallocated. The buyer, APEX Senior Care... Read More »
Foundry Commercial Expands in Oregon
A seniors housing community in Keizer, Oregon, The Village at Keizer Ridge, was recently acquired by Foundry Commercial. Foundry now owns 30 senior living communities totaling over 1,900 units and operates 57 senior living communities totaling over 3,800 units across the U.S. The Village comprises 126 assisted living/memory care units and was built in 2016. Foundry’s regional operating partner in the pacific northwest, Cascadia Senior Living, will operate the community. Cascadia now manages 17 assets in the region. The transaction was led by Ryan Weekes, Zach Strunk and Katie Rosica of Foundry. And Newmark handled the transaction. No other details were... Read More »
High-Quality Community Trades in Colorado
United Properties, a Minnesota-based commercial real estate investor, sold its trophy asset in Littleton, Colorado, in a bidding process that yielded 11 offers over the course of a three-week marketing campaign conducted by Evans Senior Investments. Built in 2018, Balfour at Littleton features 86 units of assisted living and memory care. It was 97% occupied, consistently maintaining an average occupancy rate of 95% over the past 12 months, despite new supply coming into the market. An investment group based in Ohio emerged as the buyer, paying $31.5 million, or $366,300 per unit. The transaction closed within weeks of the bid deadline. Read More »
Oxford Finance’s 2023 Financing Activity
Oxford Finance announced that its Healthcare Real Estate and ABL Group provided over $430 million of capital commitments in 2023. The group closed a total of 11 transactions ranging in size from $2.0 million to $89.0 million. Heading into 2024, with a more favorable interest rate environment, Oxford intends to continue its current expansion trend. First, Oxford provided a $14.25 million revolving line of credit to finance working capital needs at 29 skilled nursing facilities for an expanding Texas-based operator. The credit facility also includes an accordion feature that would allow the borrower to increase the line limit to $27.25 million. Next, Oxford provided a $34.1 million term... Read More »
National Developer/Investor Sells in Texas
Blueprint was engaged by a national developer/investor in the sale of a seniors housing asset in Dallas, Texas. Built in the early-1990s, this assisted living/memory care community comprises 93 units. The incumbent operator, Juniper Communities, had an interest in the community and was selected as the ultimate buyer. This community was purchased by the seller pre-COVID as part of a sizable, value-add portfolio transaction with over 12 scattered, older-vintage communities, with the potential for operator transitions to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. COVID, combined with the rise in interest rates, created a... Read More »Schedule a demo
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