Newmark Handles White Oak Disposition
Newmark announced that it has completed White Oak Healthcare Partners’ sale of 31 properties all previously operated by Senior Lifestyle Corporation to two different sellers. We heard of the first two tranches last month, with Welltower announcing it would acquire 29 of the properties for approximately $147 million, transitioning the operation of 22 of the communities to Pathway to Living and the other seven communities to Frontier Management. Totaling 1,103 units, the Pathway portfolio consists of 156 independent living, 835 assisted living and 112 memory care units located in Georgia, California, Washington and Texas. That results in a per-unit price of $87,900 per unit. Welltower had... Read More »
Tutera Purchases Only Health Dept-Owned AL Community in Illinois
In 2017, a small town in Illinois took a rare step to build the only county-funded assisted living community in the state. Now, The Lodge at Manito in Manito, Illinois is being sold to Tutera Senior Living & Health Care — a private diversified health care and senior living company providing development and management services to the seniors housing and care industry. No purchase price was disclosed. The Mason County Health Department built this eight-acre community for an approximate cost of $5.5 million, or $115,000 per unit. It contains 24 AL and 24 memory care units across 39,000 square feet. There is also an on-site medical clinic managed by Mason District Hospital that is... Read More »
Welltower Acquires Two Virginia Memory Care Communities
Brooks Blackmon and Ben Firestone of Blueprint Healthcare Real Estate Advisors arranged the sale of two memory care communities in Virginia. The communities are in the enviable position of being stabilized with high occupancy and above-market rates. The Richmond location opened in 2015, and the Virginia Beach property was completed in 2008. Both feature 48 units and 35,000 square feet. A local developer/operator built and managed the communities, which command the top rates in their respective markets, but is now exiting the assets. Welltower, in partnership with ProMedica, paid $31 million, or $322,900 per unit, for the communities. That is right below the average price for Virginia... Read More »
Summit Healthcare REIT Buys Three SNFs
A wholly-owned subsidiary of Summit Healthcare REIT purchased three skilled nursing facilities in San Bernardino County, California with a total of 191 beds. The purchase price came to $20,055,000, or $105,000 per bed, higher than the average but well below the highest prices paid in the state. The facilities will be triple-net leased to California-based Rockwell Healthcare, a new tenant for Summit Healthcare REIT. Summit is a registered non-traded REIT that focuses on seniors housing and care real estate in the U.S. Its current portfolio includes interests in 46 seniors housing facilities in 13 states. Read More »