Ardent Senior Living Sells Rochester ALP Community
Seven years after acquiring an assisted living/independent living community in Rochester, New York, Ardent Senior Living is selling the property to a New York-based owner/operator. Originally built in 1974, the community features 115 assisted living units (with 200 licensed beds) and a 42-unit independent living building. The campus participates in New York’s Assisted Living Program (ALP), which provides a higher level of care (close to skilled nursing) in an assisted living setting for Medicaid residents. It’s a win for the state, which can reimburse nearly skilled nursing level care at a lower rate, and for the providers, which can take in Medicaid residents at a... Read More »
KeyBank Finances Acquisition of Senior Apartment Community
KeyBank Real Estate Capital’s Community Development Lending and Investment team announced that it has provided tax-exempt debt to support the acquisition and renovation of a 100-unit affordable senior apartment community in Wichita, Kansas. Originally built in 1979, the seven-story building consists of only one-bedroom apartments, all of which are Section 8 units. Sarah Geis and Tim Gerstmann structured the financing, which included a tax-exempt construction and permanent bond loan of $11.3 million. The city of Wichita issued the bonds, and the National Development Council provided $4.2 million of low-income housing tax credit equity. Denver-based real estate investment company... Read More »
Acquisition Offerings Coming Alive
As you are aware by now, not only has the seniors housing and care M&A market seen a significant drop in volume, but most of the limited sales activity we have seen is from deals negotiated before the pandemic really started. Now, a few deal offerings have just been disclosed, almost simultaneously. First, the Tampa office of Cushman & Wakefield just went to market with a 187-unit community outside Springfield, Massachusetts that has 129 independent living cottages, 40 IL apartment units and 18 assisted living units, all on 46 acres. The cottage homes average 1,200 square feet. The C&W team was hired through a bankruptcy court mandated process. The occupancy is... Read More »
V 3 Capital Group Acquires Memory Care Portfolio
After opening its first senior living community earlier this year, V 3 Capital Group, a boutique real estate investment firm based in Florida is more than doubling down on the market, acquiring a portfolio of seven small memory care communities from a family owner/operator who was looking to retire. The company will also use the purchase to launch its Sanctuary by Strive memory care brand through its operating subsidiary, Strive Senior Living. Frank Ricci of Healthcare Realty & Development Services, LLC represented the seller, Sutton Homes, while Bobby Bridges of V 3’s own full-service commercial real estate firm, V 3 Commercial Advisors,... Read More »
A True Success Story in Oregon
About 35 years ago, an Ivy League educated pioneer decided to buy a senior living community. His friends and family thought he was nuts. In 1985, after all, it wasn’t exactly the industry where aspiring entrepreneurs went to seek their fame and fortune. So, one Shelly Smith and a financial partner bought a relatively new retirement community that only had independent living at the time, as “assisted living” was not yet in the industry vernacular. Located in Salem, Oregon, Smith started expanding the campus in the early 1990s and built one of the first assisted living communities in Oregon. After that, he added IL cottages in 1997, more assisted living units in 1997, and picked... Read More »Schedule a demo
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