Berkadia Arranges Active Adult Sale and Financing
Berkadia Institutional Solutions announced the sale and financing of a 55+ rental community in Dallas, Georgia. Earlier this month, Levin Pro LTC covered the sale of the community, which was Hardy Springs, a 149-unit single-story, built-for-rent community in the Atlanta suburb. Managing Director Russ Hardy of Berkadia Atlanta and Directors Brooks Minford and Simona Wilson of Berkadia Seniors Housing and Healthcare completed the $47.75 million, or $320,000 per unit, sale on behalf of the seller, Georgia-based Highlands Residential. John Bray of Berkadia arranged acquisition financing through Fannie Mae to support the transaction. The buyer is South Carolina-based and emerging active adult... Read More »
Blaze Capital Partners Buys Again in Atlanta
Multifamily investor Blaze Capital Partners announced its second active adult acquisition in Georgia. Built in 2021, Annabelle on Main comprises 180 units and sits on 4.6 acres in Duluth (Atlanta MSA). The units consist of one- and two-bedroom apartments ranging in size from 724 to 1,260 square feet. Community amenities include a pool, fitness center and yoga studio, movie theater, arts and crafts studio, dog park and a massage and meditation zen room. Earlier this month, Blaze purchased Hardy Springs, a 149-unit active adult community in Dallas, Georgia. This was the investment group’s first 55+ acquisition. This acquisition brings Blaze’s Georgia portfolio to eight properties... Read More »
Evans Seniors Investments Sells Allentown, PA Community
Evans Senior Investments announced the sale of an 80-unit assisted living community in Allentown, Pennsylvania. Built in the 1980s, the community was 100% private pay with in-place rents just under $5,000 a month. At the time of marketing, the community was 94% occupied and making over $800,000 in net operating income. But it actually maintained 100% occupancy throughout the transition process even as new supply opened in the market. The seller was an independent owner/operator with an established presence and good reputation in the area. The community was ultimately sold to Buffalo-based Hamister Group for an undisclosed price, which was paid in all cash. According to our Levin Pro LTC... Read More »
Public REIT Divests Two Maryland SNFs
A public REIT divested another two properties as part of a larger portfolio sale being run by Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors. Last week, the REIT sold two skilled nursing facilities in Georgia, and the latest two properties were located in Maryland along the Chesapeake Bay. Totaling 285 licensed beds, one facility is located on the Eastern Shore in Cambridge, and the other is in Lexington Park near the Virginia border. They have three and four stars, respectively, and boast limited local competition and attractive Medicaid rates. Cash flow was also positive, albeit lower than pre-pandemic levels. An East Coast-based acquirer and operator... Read More »
Ziegler Facilitates Minnesota Transaction
Nick Glaisner at Ziegler sold a senior living community just south of Minneapolis, Minnesota for an undisclosed price. Built in the late 2000s and originally conceived as a multifamily community, the Wisconsin-based family office seller converted it to senior living and opened with 105 units of independent living, assisted living and memory care. All units were licensed for assisted living, and the rural community catered to a middle market population. It was 81% occupied at the time of marketing and operated at a decent margin in the mid-20s, which was improving throughout the sale process. That improvement helped portray future performance after some rent increases and operational... Read More »Schedule a demo
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