Development Company Acquires Through Membership Buyout
A Missouri-based real estate developer engaged Blueprint to facilitate its membership buyout of a joint venture partner. Brooks Blackmon, Ben Firestone and Lauren Nagle handled the transaction. Four years ago, the firm was brought on to raise capital, ultimately sourcing an institutional capital partner to develop a private pay seniors housing community in the St. Louis, Missouri MSA. The Class-A community, with more than 150 independent living, assisted living and memory care units, opened its doors in January 2024, stabilizing after the lease-up period. At the time of recapitalization, the asset was generating approximately $3.7 million of annualized EBITDAR with an operating margin over... Read More »
Seller Exits Seniors Industry with Divestment to REIT
A single-asset seniors housing owner is exiting the industry with the sale of their property in Murrieta, California. Built in 2016 and 2018, Renaissance Village Murrieta has 142 units of assisted living and memory care in three stories. It was operating just below 70% occupancy, so there is plenty of room for a new owner to improve performance and increase value. That buyer was a REIT, which will be partnering with an established West Coast operator that has a growing presence in California. Brad Goodsell, Jason Punzel and Vince Viverito of Senior Living Investment Brokerage handled the transaction, continuing an incredibly active October for the firm. Read More »
Deal Closes Following Buyer Withdrawals
After a long process that saw multiple buyers pull out from the deal, the sale of Sarah Neuman Skilled Nursing Facility in Mamaroneck, New York, has closed with the help of Mark Myers at Kiser Group. Owned by a religious not-for-profit organization, The New Jewish Home, the facility features 301 beds and was losing money. Myers had previously facilitated the 2016 sale of the seller’s 744-bed SNF in The Bronx for $110 million and, earlier this year, the sale of a 300-unit independent living community on the same Bronx campus for $40.5 million. The transaction faced some hurdles, including a challenging financing environment and stringent regulatory requirements from New York State that... Read More »
Community Trades Hands and Secures Freddie Mac Financing
Berkadia announced the sale and financing of Appletree Court, a 118-unit assisted living and memory care community in Richardson, Texas, in the Dallas MSA. The building was built in 1999 and underwent renovations in 2018 and 2023. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale on behalf of the seller, a joint venture between Marquee Capital (a Milwaukee-based family office affiliate of Marcus Investments) and Winterpast Capital Partners (a Nashville-based real estate investment company). The community will continue to be operated by Vitality Senior Living, Winterpast’s operating partner. Austin Sacco, Steve Muth,... Read More »
Newmark’s Nearly $2 Billion Third Quarter
Newmark is in the middle of a banner year for both investment sales and debt financings, and both its deal volume and activity appears to be accelerating as the year progresses. In the year to date, the team has closed nearly $3.6 billion in investment sales, and $1.9 billion in the third quarter alone. Excluding the Amica Senior Lifestyles portfolio that Newmark is selling in Canada for over $3 billion, the team has also secured enough deals under agreement to nearly double its year-to-date volume. There are some stabilized, Class-A deals at high per-unit prices, as well. One of those was the sale of Project Aurora, a three-property portfolio in New Jersey (2) and New York that was owned... Read More »Schedule a demo
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