PE Firms Trade Texas Community
An institutional private equity group sold an 84-unit assisted living/memory care community in Grapevine, Texas (about 20 miles northwest of Dallas), to another private equity company based on the West Coast, with Evans Senior Investments handling the transaction. The property sold for $25 million, or $298,000 per unit. Built in 2010, Dancing River saw its occupancy drop from 93% to 70% during the pandemic. However, census rebounded to pre-pandemic levels just before marketing began, and the community boasted a 35% margin in early 2022. There is also upside in rent increases, meaning that the operating margin could improve even more. Read More »
Denton Floyd Acquires Nashville-Area Assisted Living Communities
Denton Floyd Real Estate Group, along with operating partner Vitality Senior Services, announced its acquisition of two assisted living/memory care communities in the Nashville, Tennessee area. It was also revealed that Bridge Investment Group was the seller, albeit for an undisclosed price. The PE firm acquired the properties in 2014 and has had several operating partners manage them over the years, most recently Vitality Living (different from Vitality Senior Services). Located in Mt. Juliet and Franklin, the communities combine for 115 units of assisted living and memory care. Both were built around 2010 and experienced a COVID-related decline in operations. However, occupancy and cash... Read More »
Lument Handles Sale & Two Financings
The Lument team pulled double duty for the sale of two assisted living communities in Florida, representing the seller in the deal and arranging acquisition financing on behalf of the buyer. Savannah Court of Lake Wales and Savannah Court of Haines City, which both feature 45 units of assisted living, were acquired by Innovation Senior Living. Both serve Medicaid-waiver residents, and Innovation has plans to add 15 licensed beds to each community, in addition to growing census and investing in renovations. The additional beds will allow the communities to accept more Medicaid waiver residents into double occupancy rooms. Innovation funded the purchase with a single loan in a cross-pool... Read More »Two Tennessee Transactions from Blueprint
Blueprint Healthcare Real Estate Advisors handled the sale of two transactions in Tennessee featuring three total properties. First, a Southeast-based developer/owner/operator acquired two assisted living/memory care communities in the Nashville MSA. Featuring a combined 115 units, split between 89 assisted living and 26 memory care units, the communities were built in 2010 and 2011 and experienced a COVID-related decline in operations. However, occupancy and cash flow had rebounded by the time of the sale, but with still a little improvement in store for a new owner. The communities were previously owned by a private equity firm, which was represented by Brooks Blackmon, Kyle Hallion and... Read More »
Archway Communities Acquires Affordable Seniors Housing in Colorado
Archway Communities has announced the acquisition of an affordable seniors housing community in Denver, Colorado. Built in 1962, Montview Manor comprises 88 units and stands 12 stories tall for lower income seniors. Montview Building Corporation, an affiliate of the Montview Presbyterian Church, sold the community, recently upgrading some of the units. Financing for this community was provided by the naturally occurring affordable housing preservation (NOAH). Financing for the community included: A first mortgage through Impact Development Fund (IDF), a local CDFIA new secondary financing product from CHFA that supports preservation projects Acquisition financing from the Colorado... Read More »Schedule a demo
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