New Prudential Fund Secures $110 Million Deal
Prudential Real Estate Investors (PREI) closed on an acquisition of three large assisted living and memory care communities for $110 million, or $281,300 per unit. The new fund, Senior Housing Partners V, closed in May with $629 million of capital commitments. It is PREI’s fifth fund dedicated to seniors housing. One community in Tennessee opened in April 2012 and has 130 units, and another in Tennessee opened last October and has 126 units. The third property is in Connecticut, and it opened last September and has 135 units. PREI will retain Hearth Management, which previously owned the properties in a joint venture partnership, as the manager. Tim Cobb and Steve Thomas of Blueprint... Read More »ROC’s busy 2015
It’s been a busy 2015 for ROC Seniors Housing Fund Manager, which is part of Salt Lake City-based Bridge Investment Group Advisors. So far this year, ROC has acquired 21 senior living communities in nine different states, totaling 2,247 units, coming on the heels of a 14-property, $230 million-deal announced in September 2014. Not all of the 2015 transactions had revealed prices, but the price per units ranged from $77,700 per unit for a 345-unit senior living community in Glendale, Arizona, up to $246,700 per unit for a portfolio of 4 assisted living communities in Texas. The most recent transaction, announced last week, was the purchase of 14 senior living properties (with 1,038 units of... Read More »How do you sell a 24-unit assisted living community for over $370,800 per unit?
How do you sell a 24-unit assisted living community for over $370,800 per unit? Just throw in a nine-hole golf course and a clubhouse! That is just what David Rothschild and Mary Christian of CBRE did in selling a property for Icahn Enterprises in Vero Beach, Florida. The sale included a 42,000 square foot clubhouse, a nine-hole golf course and a 24-unit assisted living building (24,000 square feet) that can be expanded to 48 units. In addition, there is extra land for development, and everything is located within an age-restricted community that itself is located within a 1,000-acre master-planned community. The existing campus that was sold was producing about $7.45 million in revenues... Read More »Would you buy a Certificate of Occupancy?
There is always a good amount of risk when purchasing a seniors housing community at Certificate of Occupancy. While you avoid the risks associated with development and construction costs, you are saddled with the burden of fill-up. But Capitol Seniors Housing (CSH) is up for the challenge, having recently purchased, along with its joint venture partner Harvard Management Company, a 92-unit/109-bed assisted living/memory care community in Tampa, Florida. The newly opened community was developed by a joint venture between Walt Chancey and Rookis Development Company and presold to CSH prior to breaking ground for an agreed price of $20 million, or $217,400 per unit. CSH has brought in The... Read More »Trifecta from CBRE
Aron Will of CBRE National Senior Housing arranged a trifecta of acquisition financings totaling approximately $50 million. All three loans were floating rate bridge loans with five-year terms and between 24 and 30 months of interest only. The first was a $14.5 million loan provided by a regional bank for Capitol Seniors Housing to acquire a brand new 92-unit assisted living/memory care community in Tampa, Florida. Next, Mr. Will secured a $21 million loan with an “all-in” interest rate of approximately 2.35% for a joint venture between Sentio Healthcare Properties and Senior Living Residences to purchase a 122-unit/141-bed rental CCRC in Westfield, Massachusetts. The loan was provided by... Read More »Schedule a demo
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