Northland Enter The Active Adult Market
National real estate private equity firm Northland announced its first active adult acquisition. The active adult market has taken off in popularity over the past few years and continues to remain a hot market. According to Levin Pro, over the last two years, there have been a total of 72 acquisitions within the rapidly growing subsector. With such low barriers to entry and being designed similarly to multifamily, this makes for an easy transition for multifamily developers to dip their toes into active adult. Emblem Alpharetta of Alpharetta, Georgia will serve as the seventh residential property for the state in Northland’s portfolio. Built in 2006, the 210-unit, fully leased community... Read More »Fairstead Acquires Senior Apartments Portfolio
Real estate investor Fairstead announced the acquisition of an affordable seniors housing portfolio in the state of Kentucky. The portfolio comprises 950 units of affordable housing, including for low-income seniors, across 16 properties in the districts of Louisville, Bardstown, Barbourville, Hardin, Hodgenville, Lexington, Mayfield, New Haven, Scottsville, Shepherdsville, and Radcliff. The apartments are made affordable through the HUD Section 8 and LIHTC programs. KeyBank Real Estate Capital served as the lender in this transaction. Eric Steinberg, a senior banker with KeyBank’s community development lending and investment team handled this process on behalf of the company. This will... Read More »Cascadia Healthcare Adds to Washington State Portfolio
Cascadia Healthcare announced the acquisition of Pinewood Terrace, a 92-bed skilled nursing facility in Colville, Washington. The facility sits on 1.5 acres just miles from the Canadian border. Blake Bozett of Blueprint Healthcare Real Estate Advisors marketed this asset on behalf of a seller looking to exit the Washington SNF market to pursue acquisitions in states with more favorable reimbursement and fewer regulatory challenges. Mr. Bozett marketed the asset to regional owner/operators looking to acquire a SNF at an appealing per-bed price with attractive HUD financing. Cascadia emerged as the buyer with the intention to increase their presence in the northern Idaho and Washington area.... Read More »Two High-Quality Michigan Communities Sell
Two newly built assisted living/memory care communities in the Detroit, Michigan area found new owners thanks to the team at Evans Senior Investments. Built between 2019 and 2020, the communities were smaller in size, with less than 65 units at each location. That meant that ownership (a growing regional operator) could quickly fill the communities, even during the pandemic, with occupancy standing at 88% at the time of marketing. The communities also boasted a 34% operating margin at that time, and in January 2022 the seller implemented inflation-based rental rate increases for existing residents that averaged an increase of 12%. An added $400,000 of revenue as a result surely made the... Read More »Atlas Healthcare Acquires Connecticut Portfolio
Atlas Healthcare, a skilled nursing provider based in central New Jersey, acquired a portfolio of 3 senior care properties in the greater Hartford, Connecticut area. Evans Senior Investments represented them in the transaction. Featuring one independent living community and two skilled nursing facilities in Manchester and Vernon, the portfolio totals 114 independent living units and 246 skilled nursing beds. Prior to the pandemic, the properties were 92%+ occupied and featured a strong post-acute rehab census mix within the skilled nursing portion. But operations took a hit, and the portfolio overall was losing money. Paul Liistro, CEO and administrator of the three properties, sold the... Read More »Schedule a demo
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