Evans Senior Investments Sells Upstate New York Community
Evans Senior Investments handled the sale of an assisted living/memory care community in Rome, New York, about 15 miles northwest of Utica. Built in 2009, the community is licensed for 48 AL and 12 MC beds, and also holds an Assisted Living Program (ALP) Medicaid license on 16 beds. Over the past 12 months, it has averaged 90% occupancy, with an 80% private pay census. Its operating margin has also been strong, at 29% on more than $2.6 million of revenues. But that could be improved by a new and potentially larger owner. The independent owner/operator worked with Evans to find a buyer, which ended up being a regional owner/operator looking to expand its presence in the state and... Read More »
Newmark Arranges Acquisition Financing For Harrison Street
Harrison Street has been on an acquisition tear of late, recently acquiring a portfolio of 12 seniors housing communities operated by Atria Senior Living and owned by Healthpeak Properties. But the firm also picked up a 90-unit community in Watertown, Massachusetts (Boston MSA), thanks to acquisition financing arranged by Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano of Newmark. Built in 2014 at a cost of nearly $28 million, the community features 19 independent living, 46 assisted living and 25 memory care units about 10 miles west of downtown Boston. Three years later, Cushman & Wakefield arranged a... Read More »
JLL Handles Healthpeak’s SHOP Sale
Mike Garbers and Cody Tremper of JLL Capital Markets announced their involvement in Healthpeak Properties’ sale of 16 of its SHOP communities operated by several provider partners. White Oak Healthcare REIT joint ventured with Discovery Senior Living to acquire the portfolio for $230 million, or roughly $128,000 per unit. However, Healthpeak didn’t exit entirely, providing the buyer with $150 million in financing to fund the deal. With 14 locations in Texas and one each in North Carolina and New Mexico, the communities totaled around 1,800 units of assisted living and independent living, split between majority- or all-IL... Read More »
Avanath Capital Management Moves Into Orange County
Avanath Capital Management, an investment firm that acquires, owns, renovates and operates affordable housing across the country, added another property to its portfolio in California, and its first in Orange County. Originally built in 1959 in the town of Garden Grove, the target features 85 units in four stories. It is located adjacent to the Garden Grove Hospital and Medical Center, and that probably helps the property’s popularity, as it has been consistently 100% occupied. The seller, Los Angeles-based Meta Housing, originally developed the building but has now sold it for $19.85 million, or $233,500 per unit. Read More »
Fairstead Acquires Naples Senior Community
Fully-integrated real estate firm Fairstead secured several sources of financing to fund its purchase of a 250-unit affordable senior apartment community in Naples, Florida. Chicago-based developer Full Circle Communities sold the 45-year-old community for $59.5 million, or $238,000 per unit. Currently, there are a variety of supportive services including health and wellness programs, on-site meals, van transportation to doctor’s appointments, pharmacy visits, education programs and other activities. Fairstead is also planning a $25 million renovation of the property, which will include improvements made to common areas and every residential unit, with a... Read More »Schedule a demo
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