Class-A Community Trades in Philadelphia
Berkadia announced the sale of a Class-A independent living, personal care and memory care community in the Philadelphia MSA. It was built in 2019. Berkadia Seniors Housing & Healthcare, led by Managing Directors Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers, closed the transaction on behalf of the seller, a private equity firm. The number of residents in the 75+ age cohort within a 10-mile drive of the community is projected to increase by 15.1% over the next five years. This group of seniors boasts an average net worth of over $1.9 million. The primary market area currently features no construction activity and an anticipated demand for an additional 500 independent... Read More »
Wisconsin AL Community Changes Hands
On the heels of his closing in Minnesota, Bob Richards of Senior Care Realty headed over to Wisconsin to sell a small assisted living community in Dane County. Built in the mid-1990s, the community featured 20 units and a mostly Medicaid census. But occupancy was 100%, and the community operated at a strong margin above 30%. That is impressive, considering its size. It ended up being too small for the regional owner/operator’s typical model, so it sold to an East Coast owner/operator with a growing Wisconsin portfolio. The purchase price came to $1.8 million, or $90,000 per unit. VIUM Capital helped finance the acquisition for the buyer, which has now purchased four small assets in the... Read More »
Private Asset-Based Lender Acquires Two Senior Notes
Blueprint facilitated the sale of two senior notes secured by 24 seniors housing communities. The portfolio of communities spans approximately 1,200 units across eight states. Prior to the sale, all of the communities securing the notes transitioned to a new, national operator as part of a larger corporate wind down of the borrower. Individual performance at the communities varied notably throughout the portfolio, however, on a consolidated basis the portfolio was roughly 70% occupied and generated revenue of approximately $50 million. Blueprint approached a select group of investors with a strategy to demonstrate that the unencumbered value of the assets exceeded that of the notes’ value,... Read More »
REIT Divests AL/MC Community to PE Group
A REIT divested its assisted living/memory care community in an affluent suburb of Salt Lake City, Utah, with the help of Vince Viverito and Brad Clousing of Senior Living Investment Brokerage. Built in 2001, the 116-unit asset in Cottonwood Heights did not fit into the out-of-state REIT’s core portfolio. But a private equity group with a strategic operating partner growing its portfolio in Utah stepped in to buy the community for an undisclosed price. Read More »
Greene Park Capital Purchases MA Active Adult Community
Greene Park Capital, a Chicago-based healthcare real estate investment firm, announced its first acquisition of an active adult community in an attractive Boston, Massachusetts suburb. Greene Park made the purchase in partnership with a major institutional investor for an undisclosed price. Built in the last five years, the Class-A community features approximately 225 units. Given the strong market and national owner/operator seller, we imagine it was very well occupied and stabilized. Greene Park has a pipeline in the active adult sector totaling about $250 million, which the firm expects to grow as it seeks out institutional-quality opportunities in major metro and suburban... Read More »Schedule a demo
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