Winterpast Capital Partners Acquires Assisted Living Community in Texas
Cushman & Wakefield sold an assisted living community in Richardson, Texas (Dallas MSA). Built in 1999 and renovated in 2018, Appletree Court comprises 112 assisted living units and sits on two acres just 15 miles north of Dallas. The seller was Franklin Park Senior Living, which owns five communities around San Antonio. At the time of sale occupancy was at 90% and believed to be fully recovered from the pandemic. Appletree Court was acquired by Winterpast Capital Partners, a seniors housing investor with a captive operator platform called Vitality Senior Living. Marcus Investments also partnered with Winterpast Capital Partners on the investment. Winterpast plans to convert a portion... Read More »
SLIB Handles Missouri Independent Living Deal
Jeff Binder of Senior Living Investment Brokerage sold a small entrance-fee independent living community in the St. Louis suburb of Webster Groves, Missouri. He represented a long-time seniors housing developer based in the area who was looking to retire. Featuring just 33 units, Pacific Place Senior Living was built in stages in 1987, 1996 and 1998 within restaurants and shops in downtown Webster Groves. All but five of the units had an entrance fee, with those five being rentals, and the community was fully occupied. It also boasted a 45% operating margin, even when not including the additional revenue derived from turning a unit over with a new, substantially higher entrance fee. A... Read More »
Passco Companies and Trustwell Living Add Tennessee Community
Passco Companies, a California-based commercial real estate company, acquired a newly built independent living community in Knoxville, Tennessee, and will bring in Trustwell Living to operate it going forward. Opened in 2020 with 145 units, the community is already 98% leased with a waitlist. That means someone did their homework on local demand. The three-story community features one- and two-bedroom units, with a fitness center, game room, theater, activities area, greenhouse, dog park, putting green, pickleball court, library and indoor pool. It was formerly known as Prime West Knoxville but will be rebranded as Trustwell Living of West Knoxville. Cushman & Wakefield’s Senior... Read More »
Welltower Provides ProMedica Transition Update
Welltower released an update to its transition of the ProMedica portfolio to Integra Health, with Welltower absolving ProMedica from its lease obligations on all 147 facilities as of December 22, 2022. Integra has entered into a master lease for the entire portfolio and will bear financial responsibility for all the assets. Approximately 15 regional operators will be brought on to take over management of the ProMedica assets under subleases, with Integra acting as master tenant. Then, on December 23, 2022, Welltower sold a 15% interest in the real estate of 54 ProMedica SNFs to Integra for approximately $73 million. This represents the initial tranche of the previously disclosed 85/15... Read More »
SoCal Investor Enters Seniors Housing Market in SLIB Deal
A southern California-based investment group made its first seniors housing acquisition, buying Merrill Gardens Oceanside in Oceanside, California (San Diego MSA). An East Coast-based private equity firm hired Brad Goodsell, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage to sell the property. Built in 1999, the community features 148 beds and 144 units of independent living, assisted living and memory care. It was around 75% occupied but was losing money at the time of marketing. No purchase price was disclosed. Read More »Schedule a demo
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