Integral Senior Living Assumes New Management Contracts
Integral Senior Living announced that effective May 1 it has assumed the management of four assisted living and memory care communities in Utah (3) and Nevada (1). Under the Escalante brand, they are owned by MedCore Partners, a Dallas-based real estate firm that is dedicated entirely to serving the health care industry. The properties are not new and were previously managed by Elegance. In-house capabilities include brokerage advisory services, development, construction management, finance and investments, and health care research and analytics. In 2016, MedCore launched its senior living division with the objective of developing full-service senior living communities in strategic... Read More »
San Luis Obispo County Community Sells
Sherman & Roylance announced the sale of a small assisted living/memory care community poised for growth in San Luis Obispo County, California. Totaling 33 units, the community has a strong historical revenue base and was fully stabilized. As such, there was a shovel-ready project with a Major Use Permit, pre-approved plans and entitlements for a new 52-unit community on a 2.56-acre lot. After a healthy bidding process, a private owner/operator offering the best combination of price, terms and execution probability was selected. And in the end, Sherman & Roylance was involved in every step of the transaction, from the buyer’s due diligence to the transition between the... Read More »
Christian Care Communities & Services Files for Bankruptcy
Christian Care Communities & Services (CCC&S), a not-for-profit, faith-based organization that operates three CCRCs in the Dallas, Texas area, filed for Chapter 11 bankruptcy following several years of operational and financial difficulties. In addition, there is already a stalking horse bidder lined up for a bankruptcy sale of the three Dallas communities and the company’s assets. North Texas Benevolent Holdings, LLC, an affiliate of McFarlin Group, agreed to a price of $44.25 million, or $58,200 per unit, with a sale expected later in the third quarter. In addition, North Texas Benevolent Holdings announced that it plans to lease the communities to affiliates of the... Read More »
Trustwell Living Makes First Acquisition
Trustwell Living, founded by Larry Cohen, the former CEO of Capital Senior Living, just announced its first acquisition. The senior living community is located in Springfield, Illinois and has 67 units comprised of 55 licensed assisted living units and 12 independent living units. While there are no memory care units, they will be in the future plans for the community. The community was built in 2005 with about 70,000 square feet, so it is large for a primarily assisted living community with just over 1,000 square feet per unit. The apartment units are bigger than average, and there are two large atriums. While it shows well, Trustwell does plan to start some capital improvements to... Read More »
Elevation Financial Group Grows Senior Living Portfolio
Elevation Financial Group, a private equity real estate investment firm focused on seniors housing and affordable senior apartments, continues to add to its portfolio with an acquisition in the Boston, Massachusetts MSA. Connemara Senior Living (the target) is an 86-unit community with independent living, assisted living and memory care services. Prior to the pandemic, it had operated relatively well, but census tumbled throughout the last couple of years. Built in 1990 in Brockton’s Campello neighborhood, it was named after the previous owner John Burke’s grandparents. Mr. Burke had over 25 years of skilled nursing management experience and had co-founded Roscommon Healthcare, a skilled... Read More »Schedule a demo
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