Original Owner Divests California Community
Developed in 1971, and under the same ownership since then, Bonnie Brae Terrace in Belmont, California, traded hands. Bonnie Brae is a 164-unit affordable seniors housing community, with 60 units covered by a project-based Section 8 contract. The buyer was The BLVD Group, a multifamily investment and development firm focused on providing market rate, middle income and affordable housing. It has acquired, redeveloped and preserved more than 6,000 units in 17 states. BLVD will conduct significant property improvements, with plans to add additional amenities and transform over 25,000 square feet of common area. Read More »
Blueprint Facilitates Pacific Northwest Portfolio Sale
Stabilized seniors housing deals have been few and far between in the last year, but Dan Mahoney, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors hit the transaction trail to Oregon to sell five well performing assets on behalf of the seller. The portfolio, which consists of 468 units of independent living, assisted living and memory care, was concentrated in mostly tertiary markets in Oregon, with one located near Portland. Built in the late-1980s and early-1990s, the portfolio received modest updates over the last 10 years. However, the portfolio was very profitable, generating approximately $4.8 million in EBITDAR in 2022, which translates to more than... Read More »
Grand Living Sheds South Dakota Seniors Housing Community
Newmark announced the closing of a seniors housing community in Sioux Falls, South Dakota. The community, Grand Living at Lake Lorraine, was built in 2017 and comprises 156 independent living, assisted living and memory care units across 201,000 square feet. The seller, Grand Living, owns/operates several other seniors housing communities in Iowa, Florida and Texas, with additional developments actively in the works. The buyer was an undisclosed investor/operator that plans to rebrand the community with a new name, but is interested in rehiring the in-place team to facilitate a smooth transition. Read More »
Real Estate Developer Acquires Five California Seniors Housing Communities
California-based real estate developer Standard Communities acquired five affordable seniors housing communities and one affordable multi-family community, Villa San Dimas, in Los Angeles County for $122 million, or $300,000 per unit. Standard intends to renovate the communities with planned costs exceeding $8 million. The company will also extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. Standard partnered with Pacific Southwest Development Corporation, a California-based not-for-profit affordable housing developer and residential service provider, on the deal. The seniors housing communities within this portfolio deal are... Read More »
Inspired Healthcare Capital’s $41 Million Acquisition
A Class-A, well performing seniors housing community in North Haven, Connecticut, sold for $41.1 million, or around $330,000 per unit. The seller, Columbia Pacific Advisors, capitalized on an opportunistic disposition to lock in returns and return capital to investors early in its fund’s life. Built in 2019, The Landing of North Haven features more than 120 units of assisted living and memory care on an 11-acre campus. Lease-up was solid through the pandemic, as were rates and margin, highlighting the advantages of Class-A buildings in good locations during the pandemic recovery and ensuing inflation. So, as occupancy approached stabilization, there was meaningful cash flow and a... Read More »Schedule a demo
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