Newmark Closes Two Sales in Georgia
Newmark closed a couple of assisted living sales so far in the month of September. First, a 92-unit community in St. Simons Island, Georgia, sold to an undisclosed buyer. Featuring 68 assisted living and 24 memory care units, with 80,000 total square feet, the community was developed on a 1.7-acre site with the former Island Design and Architectural Center building converted into seniors housing space as part of the project. Thrive Development Partners developed it, with Thrive Senior Living as the operator. No purchase price was disclosed. The Newmark team also closed the sale of Orchard at Athens, an 85-unit assisted living/memory care community in Athens, Georgia. It recently opened... Read More »
Chicago Pacific Founders Adds to Southeast Portfolio
Chicago Pacific Founders has added to its portfolio with the acquisition of a 100-unit assisted living/memory care community in Oxford, Mississippi. Cardinal Ventures, Inc. developed the community in 2015 to feature 66 AL and 34 MC units across 85,000 square feet. Blake Management Group had also operated it from the start. However, Chicago Pacific Founders’ subsidiary Grace Management will take over operations and oversee a name change from The Blake at Oxford to The Magnolia at Oxford Commons. Plus, the new ownership team will invest in capital improvements. No purchase price was disclosed. Read More »
Marcus & Millichap Handles Two Transactions in Wisconsin
Two small but stabilized senior care facilities in Wisconsin sold to out-of-state buyers. Ray Giannini of Marcus & Millichap handled both transactions. The larger property is a 50-bed skilled nursing facility in the rural town of Shell Lake. Built in 1985 with an addition in 1994, it was 86% occupied with an almost 20% Medicare census. Helping the facility is the fact that it is the only SNF in town and is located next to a hospital. An out-of-state partnership sold the facility for $1.5 million, or $30,000 per bed, at a roughly 12.0% cap rate based on recent trailing financials. Mr. Giannini followed that up with the sale of a 16-unit assisted living community in Kenosha (Chicago... Read More »
Bain and Capitol Seniors Housing Acquire Active Adult Portfolio
Bain Capital Real Estate and Capitol Seniors Housing have teamed up to acquire an active adult portfolio of two properties in the Dallas-Fort Worth MSA. The first property, The Orchards at Arlington Highlands, is located in Arlington. Built in 2019, it totals 265,611 square feet and features 180 units that offer one- and two-bedroom floorplan options. The second property, The Orchards at Market Plaza, was constructed in Plano in 2020 and contains 257,102 square feet, also consisting of 180 units with one- and two-bedroom options. The two communities are strategically located minutes from regional malls, entertainment, medical facilities, and major transportation corridors. Financial... Read More »Newmark Announces August Deal Activity
Newmark announced its August activity, which totaled around $300 million of transaction volume. The largest deal was the sale of four seniors housing communities owned by Spectrum Retirement Communities in the Columbus, Ohio MSA to an undisclosed buyer. Opened in 2017 and early 2018, the portfolio totals 514 units of independent living, assisted living and memory care. It was around 60% occupied as of this summer. There was another August portfolio sale that we covered earlier this month, plus the sale of a CCRC in Northridge, California. But Newmark also represented Healthpeak Properties in the sale of its 163-unit community in Santa Rosa, California. Previously operated by... Read More »Schedule a demo
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