Two Communities Sell By Ziegler Team
Ziegler’s Dan Revie and Tedd Van Gorden arranged a couple of recent seniors housing sales. First, the Reserve at Arlington Heights, a 42-unit memory care community located in Arlington Heights, Illinois, sold to Inspired Healthcare Capital (IHC). IHC is a Scottsdale, Arizona-based private real estate investment firm that focuses on the healthcare sector, which also purchased eight assisted living communities across Oregon and Washington in 2020. Built in 2014 by The LaSalle Group as an “Autumn Leaves” community, this campus has over 30,000 square feet and sold for $12.6 million, or $300,000 per unit. It was performing very well at the time of sale, with occupancy near 100%. The... Read More »
New York Investment Firm Buys Four Massachusetts SNFs
A New York-based investment firm purchased four skilled nursing facilities in Worcester County, Massachusetts. Vantage Point Capital, LLC, a real estate investment firm with a focus on the healthcare and multifamily sectors, made the purchases through a subsidiary, which totaled around $40.4 million, or $68,600 per bed, according to local news sources. The acquisition includes the 162-bed Parsons Hill Nursing & Rehabilitation Center in Worcester, the 135-bed Webster Manor Rehabilitation & Health Care Center in Webster, the 96-bed Lanessa Extended Care also in Webster and the 196-bed Marlborough Hills Rehabilitation & Health Care Center in Marlborough. All were previously... Read More »
Genesis Exits Idaho
Genesis HealthCare decided to exit the Idaho market, prompting its REIT landlord, National Health Investors, to divest its senior care property in Nampa (Boise MSA). The single-story community, which features 107 independent living units, 18 assisted living units and 42 licensed skilled nursing beds, was Genesis’ only asset in the state. Blueprint Healthcare Real Estate Advisors’ Michael Segal, Blake Bozett and Lauren Nagle positioned the property as a value-add opportunity, with the potential to realign the different care levels. Cascades Healthcare, a skilled nursing operator started by four healthcare clinicians in 2014 that has now grown to 15 SNFs in Utah and Idaho, emerged as the... Read More »
Not-For-Profit Community in North Carolina Changes Hands
The Well-Spring Group has entered into an agreement with Cone Health to acquire The Village at Brookwood, a 47-acre CCRC in Burlington, North Carolina. Building finished in 2003, and the community consists of 110 apartments in a five-story building; 45 one-story garden homes; and a health care center with 48 rooms licensed for assisted living, memory care, and skilled nursing care. The community was originally designed to accommodate about 340 residents, and current census is reported to be 247 residents, placing occupancy around 75%. The community offers living options from $2,339 to $4,453. Back in mid-2001 when construction began, The Village was financed through a North Carolina... Read More »
Convivial Life Acquires Beachside AL/MC Community
Grandbridge Real Estate Capital has arranged the sale of The Cabana at Jensen Dunes, a 126-unit assisted living and memory care community in Jensen Beach, Florida to Florida-based not-for-profit Convival Life. Opened in August 2016, the beachside community had 85% occupancy at the time of sale. Convival also purchased an adjacent 11.35-acre development parcel entitled for more than 210 independent living units. The combined purchase price was $32.5 million. The seller, One HC–Jensen Beach LLC, is an investment group who utilized the 142d bond program, along with EB5 financing, to develop the project. Performance through the COVID-19 pandemic was steady, and the community saw some... Read More »Schedule a demo
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