Harrison Street Acquires Class-A Communities in Fairfield County
A couple of new, high-end seniors housing communities in affluent Fairfield County, Connecticut, traded with the help of Jay Wagner, Rick Swartz, Aaron Rosenzweig and Jim Dooley of JLL Capital Markets’ seniors housing investment sales and advisory team. They represented the sellers, Virtus Real Estate Capital and LCB Senior Living, although LCB will stay on to operate for the new owner, Harrison Street Asset Management. Built in 2018, The Residence at Selleck’s Woods is a two-story building with 102 units of independent living, assisted living and memory care. There are upscale amenities, including a private theatre, salon, billiards room, curated library, versatile activity space... Read More »
Standalone Memory Care Community Sells in San Antonio
Soon after selling a standalone memory care community in Katy, Texas, Blueprint sold another one in San Antonio, Texas, that was built in 2013. The Landing at Stone Oak was originally marketed in late 2023, but the process came to a halt when ownership chose to continue improving operations rather than transact. The operational turnaround was not guaranteed, but the seller successfully made meaningful improvements and re-engaged Blueprint to divest. The transaction closed just 50 days after LOI execution. Giancarlo Riso, Steve Thomes and Kory Buzin handled the transaction. Read More »
Investor Acquires Full AL/MC Community
A local private investment group divested its stabilized seniors housing community, Village at Oakwood Assisted Living. Originally built in 2010 with use of multiple layers of tax credits, the building comprises 90 assisted living and memory care units. The high-quality physical plant sits in Oklahoma City, Oklahoma, and was 100% occupied at the time of sale. It focuses on lower income residents through Oklahoma’s Medicaid waiver program and operates under a HAP contract. Because of the use of tax credits for the original development and the HAP contract, multiple layers of government and regulatory approvals were required before a new buyer could take on the building. Daniel Morris... Read More »
Joint Venture Expands Its Portfolio
Foundry Commercial and Fortress Investment Group acquired two seniors housing communities in Central Florida with a combined 180 assisted living and 72 memory care units (a total of 260 beds). This is the joint venture’s second transaction, marking the third and fourth communities added to the joint portfolio. The undisclosed seller was represented by JLL Seniors Housing Capital Markets. Alto Tavares was built in 2012, and Alto Clermont opened in 2014. Both will continue to be operated by Allegro Living, Foundry Commercial’s affiliated management company, under its Alto brand. The operator, which has managed the communities since 2017, plans to make interior improvements at both locations... Read More »
California SNF Gets New Operator
Evans Senior Investments helped the owner of a 120-bed skilled nursing facility find a new operator. The new management company, which has a strong regional footprint, will pay $3.75 million in annual rent to the investor owner, Don Gormly. Built in 2016, the 120-bed facility is Anberry Transitional Care in Merced, California. Its occupancy was consistently high, averaging over 90%. And the facility was very profitable, operating at more than a 20% margin. So, the new operator will hit the ground running. There were some obstacles in getting the transaction to closing, such as the federal government shutdown, California regulatory approvals and the HUD Change of Operator process, but it... Read More »Schedule a demo
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