NHI Divests Texas MC Communities
National Health Investors sold a couple of memory care communities in Texas that it acquired as part of a larger portfolio deal in March 2017. The divestment was part of the REIT’s strategy to optimize its portfolio by “pruning underperforming assets.” These properties were previously classified as held for sale and operated under net operating income-based leases from which NHI received no rental income in 2021 or in Q1:22. Constructed in 2011, Revere Court of Rockwall consists of 44 memory care units, while Revere Court of Arlington, built in 2000, contains 34 memory care units. They were formerly Autumn Leaves properties before NHI acquired them from The LaSalle Group in a... Read More »
Minneapolis AL/MC Community Sells
Transwestern Real Estate Services, through its Midwest Capital Markets team, brokered the sale of Hiawatha Suites, an assisted living and memory care facility in Minneapolis. Featuring 19 assisted living and nine memory care units, the community was built in 2019 with a license for 60 beds. It is licensed for CADI waiver (community access for disability inclusion), Elderly Waiver (Medicaid) and private pay. Occupancy was nearly 100% occupied at the time of the sale, making it an attractive acquisition prospect. The buyer was not disclosed, but they paid about $200,000 per bed for the community. Transwestern’s Harrison Wagenseil and Erik Coglianese represented the seller, a local developer... Read More »
Bull Realty Arranges DeLand Land Sale
Bull Realty, a regional commercial brokerage firm, arranged the sale of a 19.43-acre land parcel on behalf of Manchester Communities, LLC that has been entitled for the development of a 156-unit active adult community in DeLand, Florida. The plan for the parcel is for a moderately priced community comprised of 156 single-story villas. Amenities will include on-site management and security, a social activities coordinator, a pool and communal gathering room. There will also be sidewalk connectivity to the nearby AdventHealth DeLand hospital and medical plaza. Michael Bull, CCIM, CEO of Bull Realty along with Shane Connor worked on behalf of the seller. Fully entitled, the project is ready... Read More »
CBRE Handles Active Adult Portfolio Sale
CBRE National Senior Housing completed the sale of a three-community, active adult portfolio in the Midwest. John L. Sweeny, Jr., Aron Will, Austin Sacco, Garrett Sacco and Scott Bray represented the seller, a developer/owner/operator of high-quality active adult communities. The portfolio consists of nearly 300 units across three cities in the Midwest. Each of the communities features individual cottage-style units, a clubhouse, 24/7 concierge services, and numerous amenities. Read More »
SLIB Wraps Up Two Western Transactions
Two senior care communities sold in the western United States thanks to the Senior Living Investment Brokerage trio of Jason Punzel, Brad Goodsell and Vince Viverito. First up was an independent living/assisted living community in Logan, Utah that was owned by an in-state owner/operator whose investors wanted to recycle capital for new investments. Built in 1981 and 2015, it features 82 units and was 95% occupied. In addition, the community earned about $700,000 of EBITDAR on $1.845 million of revenues in trailing-three-month annualized figures, for a healthy 38% margin. A California/Colorado-based private owner paid $8.2 million, or $100,000 per unit, at an 8.5% cap rate, for the... Read More »Schedule a demo
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