Investor Acquires Struggling Las Vegas AL/MC Asset
A Utah-based investor is taking on a seniors housing community located in a strong MSA but that was 40% occupied and losing money. Amy Sitzman and Jake Rice of Blueprint were brought on to handle the seller’s divestment, with the turnaround opportunity generating strong investor interest. Ultimately, six competitive offers were received from a mix of private equity groups, family offices and high-net-worth investors. Built in the late 1990s, the community features 121 assisted living and memory care units. It sits in the Las Vegas, Nevada MSA, and marks the buyer’s entrance into the market. It appears to be Escalante at The Lakes, which was acquired by MedCore Partners in 2022 as... Read More »
12 Oaks Senior Living Expands Its Management Portfolio
12 Oaks Senior Living has expanded its senior living portfolio, re-entering the Baytown, Texas, market (Houston MSA), after being brought on by an investor to manage The Lodge at Pine Creek. This marks the second community the operator will manage on behalf of the buyer. Built in 2021, the property includes 10 independent living cottages with two units in each, 107 independent living apartments, 60 assisted living units and 30 memory care units. At the time of sale, the community was below 60% occupied and operating at a loss. It is the newest and largest full-continuum community in the market, and the only to offer cottages, which should help attract seniors as the operator works... Read More »
GEM Realty Closes an Acquisition in South Carolina
The Caliborne at Brickyard Crossing, a Class-A seniors housing community in South Carolina, traded hands with the help of acquisition financing secured by BWE. Taylor Mokris and Ryan Stoll of BWE served as exclusive financial advisor to the buyer, GEM Realty Capital, running a competitive process that sourced numerous quotes. Financing was arranged through a national bank with a dedicated seniors housing vertical. The full-continuum community is situated in Summerville (Charleston MSA) with 78 independent living, 44 assisted living and 20 memory care units. CR Properties developed the asset, which opened in 2022 and achieved stabilization within 12 months, demonstrating strong operating... Read More »SLIB Handles Long Island Assisted Living Deal
A seniors housing campus on Long Island’s North Shore recently sold with the help of Dave Balow and Ryan Saul of Senior Living Investment Brokerage. The campus comprises Oyster Bay Manor, an assisted living community built in 1984, and Harbor House, a memory care community opened in 2001. Harbor House was the first of its kind to serve Alzheimer’s residents on Long Island. Additionally, there is an ancillary home healthcare agency that was established in 2014. Combined, there are 136 units and 208 licensed beds. Occupancy was around 84%, and the community operated at a 22% margin on $12.375 million of revenues. Its local owner/operator decided to sell to a private real estate investor with... Read More »
Newmark Reports Slew of February Deals
The Newmark seniors housing team reported an active February, with six investment sales and four significant debt transactions. First, outside of Chicago, the team sold Clarendale of Mokena, a 156-unit seniors housing community featuring independent living, assisted living and memory care services. The community was built in 2015 by Ryan Companies and operated by LCS, which was doing a great job with the community nearly full. Margins were also strong in the high 30s. It was sold as part of a very competitive marketing process, but pricing was not disclosed. Next, Newmark sold Residences of Thomas Circle, a seniors housing community at an irreplaceable site in Washington, D.C. It had... Read More »Schedule a demo
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