Invesque Sells Portfolio to LTC Properties
Invesque Inc. announced three separate sales transactions totaling approximately $75 million that occurred in late March and early April. First, Invesque sold a vacant community in Port Royal, South Carolina. The standalone memory care community was previously managed by Phoenix Senior Living but will be repurposed for an alternate use by its new owner. It sold for $3.5 million, generating proceeds which were used entirely to pay down debt. Next, Invesque sold two seniors housing communities with 99 units in New York. Premier Senior Living formerly operated them under an absolute triple-net master lease, which was terminated in October 2021. Hearth Management operated the communities... Read More »
Houston-Area Memory Care Portfolio Sells
Cushman & Wakefield’s National Senior Housing Capital Markets team arranged the sale of a 152-unit portfolio containing four stand-alone memory care communities located in the greater Houston metro area. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Chris Remeika represented the seller, Healthcare Trust, Inc., in the transaction. McFarlin Group, a Dallas-based private equity firm, acquired the portfolio and closed all cash, although the purchase price was not disclosed. The portfolio included Addington Place of The Woodlands, Addington Place of Cy-Fair, Addington Place of Meyerland and Addington Place of Clear Lake, all of which opened between 2010 and... Read More »
The Ensign Group Adds Three Operations
The Ensign Group, Inc. acquired the operations of the following assisted living facilities in California and Washington. The deal included Sea Cliff Assisted Living, an 84-unit assisted living community located in Huntington Beach, California, The Grove Assisted Living, a 90-unit assisted living community in Riverside, California, and Redmond Heights Senior Living, a 97-unit AL community in Redmond, Washington. These acquisitions were effective April 1, 2022. The real estate at Sea Cliff Assisted Living is already owned by an Ensign affiliate, but The Grove Assisted Living and Redmond Heights Senior Living will each be subject to a long-term, triple net lease. Sea Cliff Assisted Living... Read More »
Vestcor Divests Two High-Quality Communities
The market for high-quality seniors housing communities is rebounding, as many owners chose to sit of the sidelines and rebuilding occupancy before making the decision to sell. Last month, Newmark sold two Class A, stabilized seniors housing communities in Florida, working on behalf of the seller, Jacksonville-based Vestcor Communities in the process. The deal included HarborChase of Mandarin in Jacksonville, a 114-unit community that was developed by Vestcor in 2018, and The Grove at Canopy, a 118-unit luxury senior living community in Tallahassee also developed by Vestcor in 2019. Occupancy at the Jacksonville property dipped to 88% during the pandemic but rebounded to 95% and above... Read More »
Chartwell Expands in Ontario
Chartwell Retirement Residences announced the acquisition of three relatively new retirement communities in Ontario, Canada. Two were built in 2017 and one in 2019, and there are a total of 467 units. Occupancies have ranged from 80.4% to 89.5% as of March 1, 2022. They are located in Collingwood (181 units), Barrie (143 units) and Bowmanville (143 units). The seller was MTCO Holdings, and this is Chartwell’s second transaction with them, having purchased three communities from them in 2015. The purchase price was C$228 million, or C$488,000 per unit (US$390,000 per unit). Inclusive in that price is C$3 million to be paid at the earlier of the completion of a 132-unit condominium... Read More »Schedule a demo
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