Kisco Senior Living Entering High-End Seniors Housing Market
Kisco Senior Living added a high-quality seniors housing community in Laguna Niguel, California (Orange County) to its portfolio, taking over operations from Atria Senior Living. It also acquired the property with Harrison Street acting as advisor to an institutional investor for an undisclosed price. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard of Cushman & Wakefield served as exclusive advisor to the seller, a joint venture between Fremont Realty Capital and Steadfast Development. Opened in 2018, Crestavilla is an upscale community with 201 units of independent living, assisted living and memory care. It is LEED Gold certified and features numerous... Read More »
Tryko Partners Acquires New Jersey SNFs
Tryko Partners expanded its New Jersey skilled nursing portfolio with the purchase of two facilities from Virtua Health. The SNFs, located in Berlin and Mount Holly, will be renamed Berlin Rehabilitation & Healthcare Center and Mount Holly Rehabilitation & Healthcare Center, respectively. The stand-alone Mount Holly facility features 180 licensed beds. The 128-bed Berlin facility is part of a larger Virtua campus. Virtua’s community-based services at the Berlin location, including radiology, lab, and a satellite emergency department, remain unchanged by this sale. Virtua Health, South Jersey’s largest health system, chose Brick, N.J.-based Tryko as the buyer after a comprehensive... Read More »
Newmark Recapitalizes Tampa Bay-Area Community
Newmark arranged the recapitalization of Keystone Place at Terra Bella, a 140-unit seniors housing community in Land O’ Lakes, Florida (Tampa Bay area) between a partnership including Keystone Senior Living, Scarp Ridge Capital Partners, and global alternative investment firm Angelo Gordon. Opened in 2018 by Keystone Senior Living, the property features 62 independent living, 56 assisted living and 22 memory care units. The Class-A community located in a strong and growing market is benefiting from strong rental rates, and occupancy has improved significantly over the past year. Operating margins improved as well, a testament to the operator Keystone Senior Management Services, Inc. and... Read More »
Cascadia Healthcare Enters New Mexico Market
One newly opened transitional care facility in Las Cruces, New Mexico has already gone through multiple operator changes and now, with the help of Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors, an ownership change. Built in 2017, the state-of-the-art facility features 50 private units and is strategically located in a highly desirable medical corridor that includes three hospitals within a five-mile radius. A high-quality physical plant is no guarantee of operating success, however (just ask Mainstreet), and this facility struggled to make positive cash flow. It had recently undergone an operator transition and was approaching 80% occupancy at the onset of... Read More »
Foundry Commercial & Morgan Stanley Fund Make Major Acquisition
Foundry Commercial announced a major acquisition in the seniors housing market, nearly doubling its portfolio and adding another institutional partner in the process. The real estate investment firm teamed up with a fund managed by Morgan Stanley Real Estate Investing (the majority owner in this deal) to purchase 24 assisted living/memory care communities throughout the mid-Atlantic in addition to the portfolio’s operating company, Spring Arbor Senior Living. Multifamily developer HHHunt was the seller, which owned and operated the communities through Spring Arbor. The portfolio includes three communities in Maryland, nine in Virginia, and 12 in North Carolina, with 1,424 total units... Read More »Schedule a demo
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