Blueprint Closes Tennessee Deal
Blueprint Healthcare Real Estate Advisors recently closed on the sale of a 132-unit retirement community outside of Nashville, Tennessee. Its claim to fame is that Johnny Cash built it in 1984 for his mother-in-law, Maybelle Carter, although we do not know how long she lived there. That age, however, had an impact on pricing, as apparently it is very limited as to what one can do with the current layout. It didn’t help that several years ago the operator of the community filed for bankruptcy protection. But this was before the pandemic. Surprisingly, occupancy was 80% before the pandemic struck, and then remained around 80% during the pandemic, but then skipped down to 70% for the three... Read More »
Grandbridge Closes ChampionsGate Community Sale
Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team arranged the sale of a recently-constructed 223-unit senior living campus in the ChampionsGate submarket of Orlando, Florida. Opened in 2017, the community offers independent living, assisted living and memory care. Grandbridge’s David Kliewer and Jay Jordan facilitated the sale to funds managed by Fortress Investment Group for $45 million, or $201,800 per unit. Fortress will bring in Watermark Retirement Communities to manage the community. The community was developed through a 142(d) bond issuance and opened in December 2017. However, following challenges in meeting the operating covenants of the bond... Read More »
PE Firm Divests Denver-Area Property
An institutional private equity firm engaged Evans Senior Investments to sell its 120-unit independent living community in Arvada, Colorado (Denver MSA). The Kipling Meadows was built in 2008 and renovated in 2018. In the three months prior to its sale, the community averaged 86% occupancy (based on units) and was producing positive cash flow. Occupancy actually increased to 90% in the latest month, so Evans could forecast a 6% rental rate increase to a new owner, who was not disclosed. Read More »
Plains Commercial Sells Oklahoma SNF Portfolio
Plains Commercial announced the sale of three skilled nursing facilities in Oklahoma. Dubbed the “Rucker SNF Portfolio,” they are located in Tulsa and Cushing, Oklahoma, totaling 243 licensed beds. All of the facilities had high-quality physical plants, with two buildings opened in the 60s and 70s with more recent extensive renovations, and one facility purpose-built in 1997. The seller is a local operator that Plains had been advising for a number of years about their planned exit from the industry. After a competitive bidding process, the seller chose one of the largest SNF operators in Oklahoma as the ultimate buyer. Daniel Morris handled the... Read More »
JLL Helps Finance Land Acquisition
The seniors housing construction market has slowed, but plenty of projects are still being planned and opened across the country. Recently, JLL Capital Markets arranged $16.275 million in acquisition financing for two land sites totaling 12.73 acres for the development of seniors housing communities in Livermore and Soquel, California. The developer, Calson Management, secured $10.5 million and $5.775 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres in Livermore and will be developed into a 128-unit assisted living/memory care community. On-site amenities will include designated dining rooms, a hobby room, spa/salon, movie theater,... Read More »Schedule a demo
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