Lone Star Funds Acquires Minnesota Portfolio
Lone Star Funds picked up a portfolio of five seniors housing communities in the Minneapolis, Minnesota MSA, representing the largest-ever seniors housing portfolio deal in the state, according to our database. Developed and owned by Minnetonka-based Roers Companies, a multifamily-focused real estate company, the “A” quality communities total 567 units of independent living, assisted living and memory care. There are plenty of amenities, including golf simulators, indoor parking (a must in Minnesota) and fitness centers. They were all completed between September 2019 and April 2021, and occupancy was generally strong at the more established locations. The pandemic affected occupancy at... Read More »
Walker & Dunlop Arranges Atlanta Active Adult Acquisition
Walker & Dunlop Investment Sales arranged the sale of a class-A active adult community in the Atlanta, Georgia MSA. The W&D Seniors Housing team including Jordyn Berger and Joshua Jandris, as well as the W&D Atlanta Multifamily Team including Kris Mikkelsen, Pat Jones and Chris Goldsmith, collaborated on the transaction. Just built in 2020, Everleigh Halcyon Village features 160 units on 1.9 acres. It includes one-bedroom units with 848 square feet and two-bedroom units with 1,195 square feet. The community is integrated within the mixed-use village, Halcyon, which has over 535,000 square feet of office and retail space and over 100 single-family homes selling at between... Read More »
MBK Adds Value-Add Community to Portfolio
Last week, MBK Senior Living acquired the second property of a two-site portfolio in the Phoenix, Arizona MSA, and The Knapp-Stahler Group of Marcus & Millichap handled the deals on behalf of the seller, Texas-based McFarlin Group. Built in 2017 as the first Surpass Senior Living (McFarlin’s operating platform) in Arizona, the 83-unit assisted living community will be renamed from Mariposa Point of Gilbert to Sky Ridge. Located adjacent to an active adult community called The Aspens at Mariposa Point, it was developed at a cost of $18 million, or $217,000 per unit, with financing provided in part by Piper Jaffray & Co. The project was part of a four-property development plan for... Read More »
LTC Properties Announces Another Mezzanine Loan
LTC Properties revealed in its fourth quarter earnings call that it originated a $25 million mezzanine loan for the recapitalization of five seniors housing properties in Oregon and Montana. The transaction is a continuation of LTC’s strategy focused on higher yield structured finance investments. Coming with a term of five years and two months, with two one-year extension options, the loan bears an 8% interest rate and an IRR of 11%. The properties, which include independent living, assisted living and memory care, total 621 units and will be managed by The Springs Living, a new operator for LTC. LTC revealed a few other investments and dispositions in its earnings. So far in... Read More »
Inland Real Estate Group Buys in Minnesota
Cushman & Wakefield represented a joint venture of The Waters Senior Living, Harrison Street Real Estate Capital and North Rock Real Estate in arranging the sale of The Waters on Mayowood, a 175-unit independent living, assisted living and memory care community in Rochester, Minnesota. The property was sold earlier in February for a total of $67.3 million, or just under $385,000 per unit. Inland Real Estate Group, one of the nation’s largest real estate and finance groups, is acquiring Mayowood and will retain The Waters to manage the community. The property was originally constructed in 2015 and has performed well since opening, averaging over 96% occupancy since January 2018.... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
