REIT Divests to Local Owner
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Taylorsville, Utah on behalf of a REIT. The REIT was divesting to focus on its core markets within its portfolio. Vince Viverito and Brad Clousing handled the transaction. Built in 1975 and renovated in 1995 and 1996, Truewood Taylorsville features 106 assisted living units and 112 beds, sitting on four acres across 68,970 square feet. It is uniquely positioned in the market to offer affordable living for seniors. The buyer is a private owner growing its portfolio in the state. It intends to expand the Medicaid New Choices Waiver program at Truewood and leverage some of its operator’s local... Read More »
Regional Owner/Operator Divests Senior Living Portfolio
Evans Senior Investments arranged the sale of a senior living portfolio in the Southwest. The portfolio features five properties, comprising a majority of skilled nursing beds with seniors housing units. The transaction was carried out on behalf of a regional owner/operator. Ultimately, the current manager of the properties and another operator agreed to merge their operations and acquire the portfolio. The real estate assets were purchased as part of the deal. Read More »
City of San Francisco Acquires AL/MC Community
It took a lot of creativity and nearly two and a half years for an assisted living/memory care community in San Francisco to find a new owner, that new owner being the City of San Francisco. Rob Reis of Marcus & Millichap handled the transaction, representing the national owner/operator seller in the process. Reis cast a wide net, including municipalities, before procuring the City as the best buyer option. Comprising two buildings, including an older Victorian structure dating back to before the 1906 earthquake but that was converted to assisted living in 1997, the community also features a purpose-built structure completed in 2005. Together, they comprise 52 units and 79 beds,... Read More »
Dawson Holdings Purchases in California
Marcus & Millichap arranged the sale of a 44-unit affordable seniors housing community, Olivetree Senior Citizen Apartments, in Olivehurst, California. Aaron Moayed and Isaak Heitzeberg handled the transaction. There were multiple competitive bids, with the transaction closing after zero days on the market. The seller was a government agency and the buyer was Dawson Holdings, Inc. DHI secured a 9% tax credit allocation through the acquisition-rehabilitation tax credits program. The seller, in turn, received a premium on the property due to the cash-flow restrictions associated with the USDA RD 515 program. According to ConnectCRE, the purchase price was $3.27 million, or $74,200... Read More »
Sonida Announces Nine-Figure Acquisition
On the heels of its second quarter earnings announcement, Sonida Senior Living revealed it’s making a new nine-figure acquisition in the Southeast. The deal involves eight assisted living/memory care communities owned by Batson-Cook Construction (a development/construction company based in Georgia) and Principal Senior Living Group, and operated under Principal’s Benton House brand. They total 555 units, split between 383 assisted living and 172 memory care units, and averaged five years old, as opposed to the 19-years-old average for properties in the surrounding 10 miles of each asset. Five of the assets are located in Florida (Jacksonville, Orlando and Daytona Beach MSAs), while three... Read More »Schedule a demo
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