Ziegler Handles CCRC Sale to Pacifica Senior Living
California-Nevada Methodist Homes, a California-based not-for-profit owner/operator, sold two of its entrance-fee CCRCs in the Golden State after filing for bankruptcy in March 2021. Lake Park, a 215-unit CCRC in Oakland, and Forest Hill, a 135-unit CCRC in Pacific Grove, experienced declining performance in recent years, which was amplified during the pandemic. Occupancy had dropped to around 60%, and monthly operating losses were significant. Pacifica Senior Living emerged as the winning bidder at the bankruptcy auction for $34 million, or $97,000 per unit. Pacifica also assumed all entrance fee contracts and associated entrance fee liabilities of approximately $20 million. Dan Revie... Read More »
Lloyd Jones Announces Handful of Acquisitions
After a busy year with at least seven acquisitions made in the seniors housing space, Lloyd Jones finished 2022 with the purchase of four seniors housing communities in the states of Ohio, Texas, and Massachusetts. Its operating company AVIVA Senior Living will operate all four locations and rebrand them as AVIVA communities. Built in 1992, Glendale Assisted Living comprises 50 units and 70 beds in Toledo, Ohio. The other Ohio community was Canton, Ohio-based The Landing of Canton, which comprises 80 units of assisted living and memory care. The community offers one and two bedroom residences with 60 assisted living units and 20 memory care units, the community offers 91 beds and is... Read More »
58-Twelve Acquires Active Adult Community in Georgia
Clairmont Crest Inc. has announced the sale of its 55+ active adult community in Decatur, Georgia. Clairmont Crest Senior Living Community comprises 213 units and sits on four acres in the greater Atlanta area. The acquisition was funded by a $30.5 million first-priority mortgage loan from Miami-based real estate lender BridgeInvest. The loan will go towards both the acquisition of the property and its renovation into a class-A luxury midrise. The buyer of the community is 58-Twelve, which announced plans to spend $20,000 per unit, or $4.26 million in renovations. Rent for the community is also expected to increase by 45% once all the renovations are complete. Clairmont Crest Senior Living... Read More »
Standard Communities Acquires Affordable Seniors Housing in Illinois
Standard Communities announced the acquisition of two affordable seniors housing communities in Chicago, Illinois. Built in 1926, Commonwealth Apartments comprises 145 units in the Lincoln Park area of Chicago. The other affordable seniors housing community is Greenleaf Apartments, which was built in 1981 and comprises 321 units in three stories. Community amenities include community rooms, libraries, sitting areas, on-site laundry facilities, multiple elevators, ground floor retail and hair salon, plus healthcare and convenience stores within walking distance. The two acquisitions have a combined total capitalization of $146 million, excluding $46 million in planned renovations for the... Read More »
Blueprint Sells Nebraska Community & Helps Arrange Acquisition Financing
Cedarhurst Senior Living acquired a well-occupied senior living community in Omaha, Nebraska, from a multi-asset class Midwestern developer. The A-quality building features 110 units of assisted living and memory care, and was consistently above 95% occupancy throughout the sale process. Still, there was upside in rental rates, and expenses could be potentially reduced under new ownership. So, the seller engaged Brooks Blackmon and Alex Florea of Blueprint Healthcare Real Estate Advisors to market and sell the property. Ultimately, Cedarhurst, a vertically integrated developer, owner and operator, emerged from a competitive bidding process to buy the community and retained Blueprint... Read More »Schedule a demo
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