Harbert Management Corp. Acquires South Bay Partners
Alternative asset management firm and consistent seniors housing investor Harbert Management Corporation (HMC) has acquired South Bay Partners, LLC, a Dallas-based seniors housing developer. South Bay has developed over 10,000 high-end seniors housing units costing over $1 billion across the United States. The company will complement HMC’s existing seniors housing investment platform, while allowing HMC to make development investment opportunities. HMC plans to raise capital for South Bay’s development projects through separately managed accounts and commingled funds. In addition, South Bay Founder and CEO Craig Spaulding will move to an advisory role following the transaction, while... Read More »
Sonida Senior Living Begins Post-Acquisition Growth Projects
In an effort to begin large-scale growth under a new name, Sonida Senior Living has acquired two independent living communities in the Indianapolis MSA for $12.3 million. Totaling 157 units, Northfield Senior Living (built in 1982) and Southfield Senior Living (built in 2002) recently underwent significant renovations. But the approximate $79,000 per-unit price tag represents a discount to replacement cost. The two communities have an in-place November occupancy of 55.5%, as compared to Sonida Senior Living’s independent living occupancy of 82.7% for the same period. However, this is primarily the result of operational disruptions from the renovations projects taking place before the... Read More »
Blueprint Advises Texas SNF Repositioning
Blueprint Healthcare Real Estate Advisors was engaged by the real estate owner ServiceStar Capital Management, a family office based in Denver, to advise on the repositioning of its skilled nursing facility in Grapevine, Texas. Through the process, Blueprint helped secure a new lease agreement with Eduro Healthcare, a Utah-based operator with experience in the transitional rehab industry. The Lodge at Bear Creek was built in 2016 and is licensed for 100 beds. Situated in an affluent suburb approximately 21 miles northwest of Dallas, it also benefits from being built near two prominent regional hospitals, Baylor Scott & White Medical Center – Grapevine and Texas Health Harris Methodist... Read More »
Marcus & Millichap Closes Two Deals in Wisconsin
Marcus & Millichap’s Ray Giannini has closed two deals in Wisconsin, comprising a 110-unit CCRC and named Ladysmith Care Community and a 50-bed SNF called Shell Lake Healthcare Center. Ladysmith Care Community, located in Ladysmith, was built in the 1950s and 60s and renovated in 1991, and again in 2012. It has 20 RCAC units and 62 SNF beds and reported good occupancy. Shell Lake, located in Shell Lake, was built in 1984 with an addition in 1994. It is located one mile away from a critical access hospital and contains 11 private rooms. Read More »
Blueprint Closes Two SNF Sales
Blueprint Healthcare Real Estate Advisors’ Connor Doherty and Ryan Kelly announced two recent SNF closings. We’re used to the pair working on deals in the Buckeye State, but the first transaction consisted of a 50-bed/19-unit private-pay skilled nursing facility and independent living community in Cape Cod, Massachusetts. Named The Terrace Orleans, the facility was originally built in 1968 and was fully renovated in 2000. A Massachusetts-based operator seeking to grow its regional presence was selected as the buyer, and this purchase marks the operator’s first facility real estate acquisition. No purchase price was disclosed. The second transaction involved the sale of two skilled nursing... Read More »Schedule a demo
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