Walton Street Affiliate Acquires in Texas
Berkadia completed the sale and financing of a Class-A seniors housing community in Austin, Texas. The independent living, assisted living and memory care community was built in 2016 and expanded in 2019. The community’s occupancy rate exceeded 95% at the time of sale with robust cash flows. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers represented the seller, Artemis Real Estate Partners. The property was acquired by an affiliate of Walton Street Capital LLC and will continue to be managed by Texas-based Civitas Senior Living. Austin Sacco, Steve Muth and Garrett Sacco secured acquisition financing through a national bank. The financing, which featured an attractive... Read More »
SNF Trades at High Per-Bed Price
JLL Capital Markets completed the $33 million sale of Coronado Ridge Skilled Nursing and Rehabilitation Center (formerly known as Horizon Ridge), a 121-bed/90-unit skilled nursing facility in Henderson, Nevada. The sale represents one of the highest prices per bed for a skilled nursing facility in Nevada history at $273,000 per bed. JLL’s Seniors Housing Capital Markets team, in conjunction with Managing Director Mark Winter, represented the seller, a joint venture between CREC Real Estate, LLC and The Calida Group. Built in 2017, Coronado Ridge stands two stories tall, sits on 2.3 acres and comprises 68,873 square feet. The facility is well-located to receive discharges from the... Read More »
Berry Weiss Acquires Long Island Portfolio
Jason Punzel, Dave Balow and Brad Goodsell of Senior Living Investment Brokerage facilitated the sale of an assisted living and memory care portfolio in the Long Island region of New York. Built between 1959 and 1974, the portfolio comprises four communities with a total of 567 units, 1,000 beds and 26.21 acres. There was a national marketing effort that procured a significant number of qualified offers. The ultimate buyer was downstate New York owner/operator/private investor, Berry Weiss. Weiss has many seniors housing communities under his ownership as well as other healthcare businesses. The seller was a public, non-listed REIT focused on seniors housing properties throughout the... Read More »
AEW Capital Management Acquires in Florida
JLL Capital Markets handled the sale and financing for Wellington Bay, a 283-unit seniors housing community in Wellington, Florida. JLL’s Seniors Housing Capital Markets team procured the buyer, AEW Capital Management, and secured the three-year acquisition loan through Capital One on behalf of the buyer. Built in 2019, the Class-A Wellington Bay comprises a well-performing 159-unit independent living community and The Lisbet Health Center, which offers 124 assisted living and memory care units. The 45-acre and 749,488-square-foot lakeside campus also offers the ability to expand the IL by an additional 177 units. According to South Florida Business Journal, the seller was Wellington Bay... Read More »
Cardinal Senior Living Buys High-Quality Ohio Assets
Blueprint was engaged by Gables Management Company, an owner/operator/developer, in its divestment of two newer vintage, Class-A communities in the Akron and Columbus MSAs. Built in 2017 and 2021 respectively, the communities total 198 independent living, assisted living and memory care units. Demonstrating strong performance, the communities achieved over 98% occupancy, low-30% operating margins and market leading reputations for quality and care. Blueprint procured six offers from REITs, private equity and owner/operators. The ultimate buyer was Cardinal Senior Living based in Grand Rapids, Michigan. Alex Florea, Connor Doherty and Ryan Kelly handled the transaction. Given the... Read More »Schedule a demo
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