Cushman & Wakefield’s Chicago Transaction
Cushman & Wakefield sold an independent living community in the state of Illinois. Partially occupying a 1939-built hospital, River Glen of St. Charles comprises 106 units of independent living, (including townhomes) assisted living and memory care in St. Charles (Chicago MSA). Selling the community was Salt Lake City, Utah-based Bridge Investment Group. River Glen was then purchased by Citrine Senior Communities in a joint venture with Jaybird Capital for a purchase price of $20 million, or $188,700 per unit. Jaybird Senior Living will manage the community. Historically, the community was fully-leased with its AL and MC units in a mansion-style building and multiple amenities such as... Read More »
Shuttered Connecticut SNF Sells
A vacant skilled nursing facility sold in Wallingford, Connecticut, with the help of Michael Segal, Connor Doherty, Steve Thomes and Ryan Kelly of Blueprint Healthcare Real Estate Advisors. Built in 1984 and formerly operated by Genesis HealthCare, Quinnipiac Valley Center comprises a total of 180 beds and sits on 11 acres just north of New Haven. The facility was closed in March 2022 after a Department of Public Health investigation found “repeated and ongoing failure to correct serious and widespread health and safety issues.” Emerging as the buyer was a Florida-based developer with local ties to Wallingford. The transaction closed less than 50 days after the LOI... Read More »
Grandbridge Facilitates Florida Transactions
Grandbridge Real Estate Capital’s seniors housing investment sales team announced it has sold three assisted living/memory care communities in the state of Florida. The three communities included Bradenton Oaks in Bradenton, Renaissance Retirement Center in Sanford and Bayside Terrace in Pinellas Park. Built in 1973 and 1988, Bradenton Oaks comprises 112 units just south of Tampa Bay. Built in 1894, Renaissance Retirement Center comprises 94 units just north of Orlando. Built in 1986, Bayside Terrace comprises 145 units north of St. Petersburg. All of the communities were operating at low occupancies and operational losses. A national REIT was the seller, after deeming the properties to be... Read More »
National Health Investors Continues To Acquire
As we keep saying, the recovery from the pandemic is going to be a long slog for many, but most investors, lenders and operators understand that and have been able to deal with it. Take National Health Investors, which would have liked to turn in a better fourth quarter, but nonetheless continued making acquisitions in February. First, NHI bought two memory care communities from Silverado Senior Living, a new customer, for $37.5 million, or $312,500 per unit. They both opened in 2022 and both are 60 units. One is located in Summerlin, Nevada, and the other in Frederick, Maryland. Silverado will lease them back from NHI for 20 years with a first-year lease rate of 7.5% plus 2% annual... Read More »
Cushman & Wakefield Handles Oregon Transaction
Cushman & Wakefield announced it has arranged the sale of an independent living community in the state of Oregon. Built in 2019, The Alexander Bend comprises 136 units of independent living in Bend, just east of Eugene. Selling the community was Oregon-based real estate developer BPM Real Estate Group. The property was ultimately acquired by Touchmark, which also operates Touchmark at Mount Bachelor Village on the west side of Bend, for a purchase price of $57.8 million, or $425,000 per bed. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard of Cushman & Wakefield handled this transaction on behalf of the seller. Read More »Schedule a demo
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