Oxford Capital Group and Fortress Investment Group Acquire Washington State Portfolio
Chicago-based real estate investor Oxford Capital Group, in a joint venture with funds managed by affiliates of Fortress Investment Group, announced the acquisition of three seniors housing properties in Sequim, Washington. Previously owned by an independent family operator, The Sherwood Portfolio comprises 256 units. New ownership will invest over $8 million in building renovations and an expansion of the portfolio’s assisted living and memory care offerings. Oxford’s senior housing management affiliate, Oxford Living US LLC, will manage the properties. Read More »
Tryko Partners Acquires Pennsylvania SNF
Blueprint Healthcare Real Estate Advisors sold a skilled nursing facility in West Chester, Pennsylvania, on behalf of a joint venture partnership seller. West Chester Rehabilitation and Healthcare Center comprises 180 beds and 102,000 square feet on 14 acres just north of Wilmington, Delaware, and west of Philadelphia. New ownership will take advantage of the state’s July 2022 announcement to significantly increase Medicaid reimbursement. The increase is effective starting in 2023 and will include $500 million to long-term care facilities, the largest such increase during a single Pennsylvania budget cycle. According to Levin Pro LTC, this is Tryko Partners’ third skilled nursing... Read More »
Asland and Others Acquire Affordable Seniors Housing
Asland Capital Partners, Fairstead, iimpact Capital, and Nuveen Real Estate partnered together on the acquisition of Woodbridge Manor, an affordable 165-unit senior apartment community in Irvine, California. Built from 1981 to 2003 with a substantial renovation in 2006, the community had been owned by Innovative Housing Opportunities since its opening. The acquisition marks Asland’s first California acquisition and its second in the seniors housing market. For Fairstead, this acquisition grows its portfolio in California to nearly 1,000 units. Financing was provided by Lument through the Freddie Mac CME program. Marcus & Millichap’s Affordable Housing Advisors served as the seller’s... Read More »
Elevation Financial Group Makes Sixth Acquisition of 2022
Blueprint Healthcare Real Estate Advisors announced the sale of an independent living community in Indianapolis, Indiana. A publicly traded REIT engaged Blueprint to sell the 148-unit community, which was built in 1985 and renovated in the 1990s. Operations were decent, but the buyer, Elevation Financial Group, plans to convert the community into middle market senior apartments. Ryan Kelly, Brooks Blackmon, Connor Doherty of Blueprint worked on the deal. This is not the first time Elevation has invested in a similar conversion project. According to Levin Pro LTC, earlier this year the company acquired Easley Place, a 222-unit CCRC in South Carolina, and converted it into middle market... Read More »
Sherman & Roylance Arranges South Carolina Sale
Jack Osteen of Sherman & Roylance closed his first senior care transaction in the state of South Carolina, selling a rural assisted living community on behalf of a single-asset owner exiting the business. Originally built in 1955 and receiving some substantial upgrades after ownership bought the property nearly 10 years ago, the community features 44 beds in 15 units, with eight semi-private units and seven four-bed wards, with each room containing a bathroom. It served a mostly Medicaid population, and occupancy was typically at 100%, with a waiting list. The community also produced around $90,000 of revenue per month, at a 20% EBITDA margin. New ownership, a private operator, will... Read More »Schedule a demo
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