1019 Senior Living Enters Another State
1019 Senior Living entered a new state through its fifth seniors housing acquisition. The Indiana-based owner/operator purchased Arden Courts at Kenwood, rebranded as Belle’s Place of Kenwood, which was previously operated by Evergreen Senior Living. Built in 2002 with a new roof added in 2016, the asset sits in Cincinnati, Ohio, in the Kenwood suburb. The purpose-built, stand-alone memory care community features 60 units across a Green House-style building that comprises four individual homes. The physical plant was well maintained, but there remains an opportunity for renovations, including planned interior design updates. At the time of sale, Arden Courts at Kenwood was... Read More »
Medical Facilities of America Enters Ohio Senior Care Market
Lutheran Social Services sold three senior care communities in Ohio and engaged Connor Doherty and Ryan Kelly of Blueprint to handle the divestment. The portfolio was cash-flowing at the time of sale with stable operations. Kensington Place offers a full-continuum of care, with 126 independent living, assisted living and memory care units. It was built in 1990 and sits in Columbus. Lutheran Village of Ashland was built in 2000 and comprises 49 assisted living units in Ashland. The Good Shepherd Health and Rehabilitation Center is also in Ashland. It was built in 1997 and features 125 skilled nursing beds. Blueprint’s sale process generated five qualified offers, with Medical... Read More »
Medical Facilities of America Enters Ohio Senior Care Market
Lutheran Social Services sold three senior care communities in Ohio and engaged Connor Doherty and Ryan Kelly of Blueprint to handle the divestment. The portfolio was cash-flowing at the time of sale with stable operations. Kensington Place offers a full-continuum of care, with 126 independent living, assisted living and memory care units. It was built in 1990 and sits in Columbus. Lutheran Village of Ashland was built in 2000 and comprises 49 assisted living units in Ashland. The Good Shepherd Health and Rehabilitation Center is also in Ashland. It was built in 1997 and features 125 skilled nursing beds. Blueprint’s sale process generated five qualified offers, with... Read More »
Underperforming AL/MC Assets Sell in Michigan
A buyer with operational expertise and capital resources acquired two seniors housing communities that were not stabilized at the time of sale. The new owner intends to stabilize performance, implement targeted management improvements and reposition the assets. Current rates are priced below local competitors, offering upside through rate optimization. Jim Knapp of the Knapp-Stahler Group at Marcus & Millichap handled the deal. The communities sit approximately 15 miles apart in rural southeast Michigan, together spanning more than 15 developed acres. The larger campus with 60 units comprises multiple buildings totaling over 36,000 square feet, and the second property... Read More »
PGIM Divests Two Arizona Assets
JLL’s Seniors Housing Capital Markets team completed the sale and financing of three assets across two separate deals. First, it announced that it sold The Watermark at Morrison Ranch in Gilbert, Arizona, and Acoya Mesa in Mesa, Arizona. Both communities were stabilized at the time of the deal. JLL marketed the portfolio on behalf of the seller, PGIM, which owned Acoya Mesa in a joint venture with the original developer of the asset, Ryan Companies US, Inc. JLL also worked on behalf of the buyer to secure the 10-year, acquisition loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital. The Watermark at Morrison Ranch is a two-story building with 115 units of assisted... Read More »Schedule a demo
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