NY Active Adult Community Changes Hands
CBRE Capital Markets announced the sale and financing of an active adult community in Deer Park, New York. Jeff Dunne and Eric Apfel of the New York Metro Institutional Sales team, along with Aron Will, John Sweeny and Scott Bray of the CBRE Senior Housing team, handled this transaction. CBRE represented the seller, a joint venture between B2K Development, a Long Island-based real estate development group, and Harrison Street, one of the leading investment management firms that has a focus on alternative real assets. The team also procured the buyer, Fairfield Knolls at Deer Park Owner LLC, a real estate investment group based in Melville, NY. There was significant interest in the... Read More »
Publicly Traded REIT Divests in Florida
Blueprint was brought on by a publicly traded REIT to facilitate the sale of an assisted living community in Lakeland, Florida. At the time of marketing, the community’s performance was trending back upward following a decline in 2020 and 2021. It was built in 2001 and occupancy was around 85%. Blueprint marketed the deal as an opportunity for an incoming investor with regional expertise to capitalize on economies of scale and expand upon a Florida footprint. The ultimate buyer was a local owner/operator actively acquiring in Florida. Brooks Blackmon and Lauren Nagle handled this transaction, which closed within three months of executing the letter of intent, in all cash. Read More »
Publicly Traded REIT Divests Two AL Communities
Blueprint was brought on by a publicly traded REIT in its divestment of two assisted living communities located in markets with little competition in Florida, Savannah Court of Bartow and Savannah Court of St. Cloud. Brooks Blackmon and Lauren Nagle of Blueprint handled this transaction Built in 2000, Savannah Court of Bartow is in Bartow and comprises 36 units. It will be rebranded as The Club at Bartow. Also built in 2000, Savannah Court of St. Cloud is in St. Cloud and consists of 36 units. It will be renamed The Club at St. Cloud. At the time of marketing, the communities were over 90% occupied and operating at ~13% and 32% margins in Bartow and St. Cloud, respectively. The buyer was a... Read More »
Evans Executes A Lease-To-Purchase Deal
Evans Senior Investments secured a tenant for a portfolio of five skilled nursing facilities in Massachusetts on behalf of an institutional landlord. The portfolio features a total of 500 licensed beds at 76% occupancy. Prior to the pandemic, the portfolio generated stabilized revenue of $46 million at 90% occupancy, but now it is losing over $2 million in NOI. Therein lies the opportunity for the incoming operator, a regional group based on the East Coast, which agreed to a five-year lease with a purchase option. If they are successful, we imagine it would be a very attractive acquisition for them. Evans Senior Investments ran a competitive process yielding multiple offers.... Read More »
Ensign Adds to Texas Portfolio
The Ensign Group, Inc. acquired the real estate and operations of Champions Healthcare at Willowbrook, a healthcare campus consisting of a 98-bed skilled nursing facility and a 144-bed assisted living community in Houston, Texas. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, and the acquisition was effective November 1, 2023. Keystone Care LLC, Ensign’s Texas-based subsidiary, will take over the operations. No purchase price was disclosed, but the acquisition brings Ensign’s growing portfolio to 297 healthcare operations, 27 of which also include senior living operations, across thirteen states. Ensign... Read More »Schedule a demo
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