Walker & Dunlop Represents WindRiver in Seniors Housing Deal
Duncanville, Texas-based WindRiver Companies sold an active adult community in its hometown with the help of the seniors housing team at Walker & Dunlop. Jordyn Berger, Joshua Jandris, Mark Myers, Brett Gardner and Nick Hall worked on the deal and found the buyer, Dallas-based multifamily real estate investor Edison Equity Management Corp. (Edison). WindRiver originally developed the property in 2004 and has managed it ever since. They seem to have been ahead of the game in the growing active adult market. The community features 150 units, with rents ranging from $1,200 for one-bedroom units to nearly $2,100 per month for two-bedroom options. Occupancy was close to 100% throughout... Read More »
Blueprint Ventures into MOBs
After a busy year of closing seniors housing and care transactions (with 72 separate sales announced in 2020), Blueprint Healthcare Real Estate Advisors is now expanding its services into the medical office building brokerage world. They have brought on medical office veterans Eric Lee and Chris Lashmet to lead the practice. The market for MOBs certainly showed plenty of activity in 2020, and that doesn’t seem to be slowing down in 2021. According to search results in our Healthcare Deals Database, there have been at least 19 transactions publicly announced since January 1, driven primarily by announcements from Montecito Medical Real Estate, which reported nine of those deals. MOBs... Read More »
The Prestige Group Closes Two Senior Care Sales
Joe Shallow of The Prestige Group went up and down the East Coast to sell a couple of senior care communities. First, Mr. Shallow worked with President Richard Natow to arrange the sale of a vacant personal care facility in Philadelphia. Originally built in 1920 as a rest home for retired actors, the community featured 51 beds in 24 units. Several years ago, the family owner/operator decided to close and renovate the community, while transferring all of the residents to its sister facility in Philadelphia. However, the owner decided to sell and enlisted Prestige to run the process after the brokerage firm originally sold them the property. A local contractor with a number of apartment... Read More »
JLL Capital Markets Does Double Duty
JLL Capital Markets successfully sold and arranged acquisition financing for a large independent living community in the northern Detroit suburb of Southfield, Michigan. Featuring 298 units, the community is also primed to be converted into active adult, but we will wait and see if the new regional owner/operator (who is focused on that market) will do that. They paid $17 million, or $57,000 per unit, for the property and received $25.35 million in non-recourse financing to cover both the purchase and planned renovations. JLL’s David Gaines, Joel Mendes and Dav Macdonald worked on behalf of a private investor seller to complete the sale, while Trent Niederberger and Stephen Van Leer... Read More »
Newmark Sells Chesapeake, Virginia Community
The Newmark team has closed the sale of a seniors housing community in Chesapeake, Virginia (Virginia Beach MSA). Opened in 2000, the community features 47 assisted living and 26 memory care units. It averaged occupancy of 77% in 2020, which provided moderate cash flow for ownership. But that level could be improved, so a new regional owner/operator stepped in to acquire the property for $12 million, or $165,000 per unit. They expect to invest capex into the community and improve the physical plant. Their regional presence should also help provide scale to increase the operating margin. Read More »Schedule a demo
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