Berkshire Seniors Housing Fund I Makes First Acquisition
In addition to its active investment in development, Berkshire Residential Investments, through its Berkshire Seniors Housing Fund I, has made its first purchase of an existing seniors housing community. The Senior Housing Investments Group, which Matthew Whitlock joined as Chief Investment Officer in May 2019, currently has six projects currently under construction and two others that have recently opened. But this is its first acquisition of an open community, and likely not the last. Set on 11.4 acres in Clearwater, Florida, the community has 57 assisted living and 25 memory care units. A not-for-profit organization built it in 2012 and included an impressive array of... Read More »
JCH Senior Housing Closes Numerous Sales on the West Coast
Jim and Cindy Hazzard of JCH Senior Housing Investment Brokerage announced a series of successful sales on the West Coast. They started out by selling an 80-unit assisted living/memory care community in Stockton, California. In the deal, they represented the family-owned owner/operator who was looking to retire from the business. The team fielded several competitive offers and ultimately chose a local owner based in the area that was looking to grow their portfolio. It won’t be a piece of cake, but what is these days? The facility struggled after COVID and was under a lot of scrutiny from licensing. This, coupled with the strict lending requirements imposed for SBA... Read More »
Scarp Ridge Real Estate Partners Is Launched
If you believe that the worst of the pandemic is behind us, and that after all the distress of the past 15 months opportunity abounds, then you want to be an investor in seniors housing. That is just part of the thinking of the partners in a new $300 million fund, Scarp Ridge Real Estate Partners, that will be looking at value-add, opportunistic and distressed real estate investment opportunities in seniors housing and hospitality. We hope it is more on the seniors housing side. The fund will acquire non-performing loans to help both the lender and provider move a project along, and will purchase individual properties and portfolios. Partner Rick Shamberg has a few decades of... Read More »
The Mogharebi Group Handles Seniors Housing Sale
Bryan LaBar and Otto Ozen of The Mogharebi Group arranged the sale of an independent living community in San Bernardino, California. Built in 1984, the four-story building has 71 one-bedroom units and a total of 36,200 square feet on a one-acre site. Messrs. LaBar and Ozen represented the seller, a Los Angeles-based private investment group, in the deal. Another private investment group based in the San Gabriel Valley paid $7.24 million, or $102,000 per unit, for the property. The Mogharebi Group specializes in multifamily property sales throughout California, but it is not often we see them in seniors housing. Read More »