Helios Closes Two Assisted Living Transactions
Helios Healthcare Advisors has been hard at work arranging a sale, securing acquisition financing and finding a new operator for a couple of clients. First, the team structured the sale of Harvest View of Herscher, a 42-unit assisted living community on an 8-acre site in Herscher, Illinois. Family-owned and developed in 2008, the community was supposed to expand in order to include market-rate multifamily apartments. The seller engaged Helios to run a process to find an acquirer who could see value in continuing the original mission of the venture, ultimately moving forward with Peoria, Illinois-based Petersen Healthcare. Helios next arranged both an operating partner and... Read More »
Blueprint Closes NHI Sale of 4 Comfort Care Communities
Comfort Care Senior Living bought four of its assisted living/memory care communities from its landlord National Health Investors, and brought on Alex Florea, Michael Segal and Brooks Blackmon of Blueprint Healthcare Real Estate Advisors to advise them on the deal. Centered around Detroit and Saginaw, Michigan, the portfolio consists of 236 total units of varying vintages. Two communities opened around 2013, and two opened more recently, with one property completed in 2019 and still in lease-up going into the pandemic. The communities exhibited strong performance trends pre-COVID, but faced occupancy and profitability declines during the pandemic which created friction within the lease... Read More »
SLIB Handles Wisconsin Assisted Living Portfolio Deal
A private owner that acquired a portfolio of eight value-add assisted living communities in Wisconsin over the years and turned them around has decided to sell, enlisting the help of Jason Punzel, Ryan Saul and Bradley Clousing of Senior Living Investment Brokerage to do so. An experienced assisted living owner with an existing portfolio in Florida, Tennessee and Minnesota and plans to grow in the Midwest emerged as the buyer. Totaling 449 units, the portfolio is concentrated around Milwaukee and includes properties built from 1906 to the mid-2000s. Occupancy also ranged widely from 65% to 95%, averaging 84% across the portfolio. Given the vintages, we imagine some work needs to be... Read More »
Assisted Living Portfolio Sells in Midwest
The Knapp-Stahler Group at Marcus & Millichap has closed the sale of a portfolio comprising four assisted living communities within Iowa and Illinois. The purchase price for the 160-unit portfolio was $23.8 million, or $148,750 per unit, with a 7.2% cap rate. Built between 2013 and 2017, the four identical 40-unit communities were performing well at the time of the sale, with average occupancy at 91%. They also earned more than $1.7 million in NOI. Three of the buildings are located in Iowa and operate with 30 assisted living and 10 memory care units, while the western Illinois property has 24 assisted living and 16 memory care units. Justin Knapp and Andrew VanZee of The Knapp-Stahler... Read More »
Castle Lanterra Makes Second Active Adult Investment
Castle Lanterra Active Adult, a division of multifamily investor Castle Lanterra, has acquired Reserve at Lakeside, a brand-new 102-unit active adult community located in Newburgh, New York (about an hour north of New York City). Built in 2021, the community has high-end finishes and spacious rooms with resort-like amenities. Castle Lanterra is bullish on the active adult sector and will be looking to add more active adult communities to its portfolio. To them, an appealing aspect of the active adult sector is its low barriers to entry. With more widespread appeal for these communities, it makes an attractive investment for a variety of real estate investment firms like Castle... Read More »Schedule a demo
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