Harrison Street/Revera Joint Venture Acquires Four Communities
Harrison Street is expanding its presence north of the border, announcing a joint venture with Revera Inc. to acquire four high-quality senior living communities in southern Ontario. Comprising three communities around Toronto and one in Cambridge, the portfolio consists of 537 total units of senior apartments, independent living, assisted living and memory care. Revera will continue to operate the communities going forward. As part of the transaction, the JV will share ownership of the portfolio, but no ownership share or purchase price was disclosed. The deal marks the third investment by Harrison Street’s recently launched Canada Alternative Real Estate Fund, which has the initial... Read More »
Evans Senior Investment Facilitates SNF Sale in Chicago
Evans Senior Investments represented a not-for-profit seeking to exit the long-term care business in the divestment of its 129-bed skilled nursing facility, with an 18-unit independent living component, in Chicago, Illinois. The buyer was a Chicago-based owner/operator of skilled nursing facilities, paying an undisclosed sum for it. They will also manage the facility going forward. Built in 2002 with a 2012 rehabilitation addition, the property averaged 87% occupancy before the pandemic, with 49 private pay and 28 short-term rehabilitation residents contributing to $13.6 million in revenue. However, the facility was not profitable at the time of the closing, and had an average occupancy... Read More »
Welltower Announces Four More Portfolio Acquisitions
Welltower continues to double down on its seniors housing acquisition strategy, planning to spend another $1.3 billion to purchase four separate portfolios total 31 properties, as revealed in its Q3 earnings report. The news also came after Healthpeak Properties announced in its own third quarter earnings that it had completed its exit from the seniors housing industry. So as one “Big Three” REIT leaves, another cements its status as number one. The largest of the deals was the $580 million acquisition of eight rental and six entrance-fee communities affluent markets in Washington, California and Virginia. It appears this is The Fountains portfolio, owned by NorthStar Healthcare Income... Read More »
Eclipse Senior Living Transitions More Properties
Eclipse Senior Living has transitioned more of its properties to other operators. A Discovery Senior Living and Ventas joint venture first announced the rebranding of 19 former Elmcroft Senior Living communities, which have been reallocated across Discovery’s national and regional brand companies. Many of these communities, which span multiple states, have transitioned from Eclipse’s Elmcroft brand to Discovery’s TerraBella brand, while Ventas will continue to own the properties. The deal results in the TerraBella’s transformation into a regionally-focus, wholly-owned subsidiary management group for Discovery, while giving rise to two new regional brands entitled SummerHouse and... Read More »
Evans Senior Investments Announces a Slew of Deals
Evans Senior Investments has announced a slew of closings, including a three-transaction portfolio deal and a separate assisted living community. The separate community, Main Street Senior Living in Hendersonville, Tennessee, sold for $5 million, or $86,000 per unit. Built in 2000, the 58-unit community is located in the Nashville suburban area and provides assisted living and memory care services. Main Street had a 62% occupancy rate and $1.53 million in revenue at the time of marketing, with 100% private pay residents. However, it was not profitable and lost over $900,000 in NOI over the last 12 months. A Southeast regional owner/operator purchased the community to expand its seniors... Read More »Schedule a demo
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