Newmark Team Handles Canadian Portfolio Deal
Newmark brokers BJ Bhal, Mark Gallagher and David Kalinowsky, who are widely regarded as the most active real estate brokers for seniors housing in Canada, recently aided Revera in selling eight senior living communities. The portfolio consists of 584 combined units and sold at a capitalization rate of 6.75% based on 2019 net operating income. There are locations in Richmond Hill, Oshawa, Mississauga, Kitchener and Ottawa, Ontario. A purchase price has not been disclosed. Marlin Spring, a Toronto-based real estate company, acquired the properties. They have acquired more than 30 projects since 2013, consisting of 9,000 residential units in various stages of development,... Read More »
Harrison Street Announces the Largest Seniors Housing Deal Since 2019
In the June issue of The SeniorCare Investor, we wondered when private equity would get off the M&A sidelines in a major way, with so much dry powder available to them. On cue, Harrison Street Real Estate Capital announced the largest seniors housing and care deal in two years, spending approximately $1.2 billion on a portfolio of 24 assisted living/memory care communities in California and Nevada. The portfolio totals 2,195 units, resulting in a per-unit price of $546,700 per unit. Oakmont Management Group operated the whole portfolio, Healthpeak Properties owned half of the properties and California-based real estate developer Gallaher... Read More »
Senior Living Investment Brokerage Handles Three More Transactions
As of the writing of this, Senior Living Investment Brokerage has now closed 39 seniors housing and care transactions in 2021. Their total for the whole year of 2020: 39 deals. To hit that mark before the end of June is impressive, to say the least. Pushing them to that number were three transactions in the Southwest announced in quick succession. The first was an assisted living/memory care sale in Las Vegas, Nevada, handled by Vince Viverito, Jason Punzel and Brad Goodsell. Built in 2016 by a local developer (who is now the seller), the community has 119 beds in 98 units. A third-party operator managed the community, but the buyer, a national private equity fund, will bring in a... Read More »
Welltower Acquires Portfolio Well Below Replacement Cost
Earlier this week, Welltower announced it had acquired 22 seniors housing communities in partnership with Pathway to Living for a purchase price of $97 million, amid a flurry of other announcements. Now, more details have emerged on the deal. Totaling 1,103 units, the portfolio consists of 156 independent living, 835 assisted living and 112 memory care units. That results in a per-unit price of $87,900 per unit. Welltower had said that the deal went for well below replacement cost, and they were not kidding. The REIT plans on investing an additional $15,000 to $20,000 per unit, which should help improve the portfolio’s value. Newmark handled the deal. The seller was an... Read More »
National Health Investors Expands Navion Relationship
National Health Investors expanded its relationship with Navion Senior Solutions, announcing an acquisition, funding of a community expansion project and funding of a corporate loan for the operator to put towards future development costs. The investments total approximately $13.2 million. First, NHI acquired a 48-unit assisted living/memory care community in Manchester, Tennessee, adding it to an existing master lease with Navion which has a 12-year maturity, 2.5% annual escalators, and two five-year extensions. The community was purchased for $6.5 million, or $135,400 per unit, excluding about $100,000 of closing costs. That results in an initial yield of 7.5%. NHI also provided... Read More »Schedule a demo
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