Chartwell Retirement Residences Completes Portfolio Acquisition
Chartwell Retirement Residences completed its previously announced purchase of six seniors housing communities spread throughout London (three), Dorchester, Waterloo and Mississauga in Ontario, Canada. The purchase price at closing totaled approximately CAD$416.2 million, or US$30 million. An additional CAD$15.8 million, or USD$11.36 million, is payable upon completion of Dorchester Terrace, which is expected in the fourth quarter. The transaction was funded through the assumption of approximately CAD$232.7 million, or USD$167.4 million, of in-place debt, the majority of which is CMHC-insured, and cash on hand. The six purpose-built seniors housing communities present strong... Read More »
Class-A AL/MC Communities Trade on Long Island
BWE Investment Sales’ Seniors Housing Team announced its involvement in the sale of Village Green Senior Living and Village Walk Senior Living, both in high barrier-to-entry locations on Long Island. BWE represented the seller, The D&F Development Group, in the disposition of the Class-A assets, which had the goal of building, leasing up and selling the communities. The buyer was a joint venture between Atria Senior Living, Fundamental Advisors and Scribner Capital. Built in 2020, Village Green is in Levittown and offers 57 units of assisted living and 46 units of memory care across three levels. Village Walk is in Patchogue and was completed in 2018. It totals 146 beds,... Read More »
SLIB Tops $1 Billion in Texas Transactions
Senior Living Investment Brokerage and Matthew Alley topped $1 billion in transaction volume in the state of Texas following the sale of a portfolio of four skilled nursing facilities. The Cascades Portfolio features a combined 647 beds and locations in Port Arthur (two), Houston and Galveston. The facilities were built from 1955 to 1993, with various renovations over the years. Performance could be improved, since occupancy sat at just 42%, and the portfolio was generating little cash flow on $24.24 million of revenues. It may not have helped that these were the only Texas facilities owned by the Utah-based operator/seller. A Texas-based real estate owner bought the portfolio for... Read More »
SLIB Handles High-Quality SNF Sale in Texas
Matthew Alley of Senior Living Investment Brokerage handled the sale of a high-quality skilled nursing facility in Lubbock, Texas. Built in 2010 and 2013, Crown Point Health Suites features 108 beds and is well maintained. It also performed strongly, with a 20% margin on nearly $14.5 million of revenues, and an 86% occupancy rate. Its independent owner/operator decided to sell to a Texas-based regional operator for $23 million, or $213,000 per bed, at a 12.8% cap rate. The buyer emerged from multiple competitive offers. Read More »
Jaybird Senior Living Acquires Multi-State Portfolio
An affiliate of Jaybird Senior Living, Jaybird Capital, acquired five senior living communities across Utah, Wisconsin and Minnesota. Jaybird assumed management of the communities in October and stabilized them before executing on the purchase. The company is currently targeting the addition of 15 more communities to its portfolio throughout the year, and it plans to grow its portfolio to over $1 billion in value within five years. Berkadia represented the seller in the deal. Read More »Schedule a demo
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