Independent Living Buyer Plans to Utilize Michigan Choice Waiver Program
A high-quality independent living community sold in northern Michigan, thanks to Justin Knapp and Jim Knapp of The Knapp-Stahler Group at Marcus & Millichap. Whispering Pines was purpose-built in Lake City with 48 units. It boasted strong in-place occupancy and faced little local competition. Across the 19 acres, there are also wooded walking trails, a large pond and a central clubhouse. The community offered an opportunity for a new owner to serve a broader population through the Michigan Choice Waiver program, which the undisclosed buyer will do. Read More »BMO Closes Facility for MCAP Acquisition
BMO’s Healthcare Real Estate Finance group closed a large facility to facilitate the acquisition and renovation of nine seniors housing communities in Virginia. Totaling more than 780 beds, the portfolio will continue to be managed by Commonwealth Senior Living on behalf of the new owner, Municipal Capital Appreciation Partners (MCAP). This was part of Invesque’s sale of its 20-property Commonwealth Senior Living portfolio, approved earlier this summer. MCAP emerged to repurchase the properties after selling them to Invesque in 2019 for $340.4 million. The whole portfolio is mostly in Virginia, with locations in Connecticut, Maryland, Michigan and Pennsylvania. To fund the acquisition and... Read More »
Stellar Turns to Acquisitions with New JV
Stellar Senior Living announced the close of its first joint venture with $20 million in capital commitments. Stellar’s partner is a large private equity firm, and the joint venture will provide funding to acquire 10 to 15 seniors housing communities over its term. The first acquisition under this new venture is The Grand at Broomfield Assisted Living & Memory Care, previously known as The Gallery at Broomfield, in Broomfield, Colorado. The Class-A community was built in 2023 and features 115 assisted living and memory care units. Stellar has managed this community for the past couple of years, and is now also a minority owner. The community leased to 100% occupancy in the first... Read More »
Zett Group Closes Full-Circle Transaction
We do not see deals like this often. In a full circle transaction, Blake Bozett and Spud Batt of The Zett Group sold a large seniors housing community in Eugene, Oregon, to a Salem, Oregon-based group in partnership with a new operator through a pre-established JV structure. Bozett represented his grandparents, Ron and Joyce Knutson, a pioneering couple who first got involved in the seniors housing space in the 1970s in the Pacific Northwest. The Eugene property was one of two communities left in the family’s hands, with the other in Spokane, Washington. Built in 1979 by the Knutsons, Churchill Estates features 241 units of independent living, assisted living and memory care, one of the... Read More »
Owner/Operator Divests to Private Fund in Florida
Bradley Clousing, Daniel Geraghty and Ryan Saul of Senior Living Investment Brokerage were engaged by a Southeast owner/operator in its divestment of two seniors housing communities that sit a few blocks apart in Wilton Manors, Florida. The buildings total 159 independent living and assisted living units, and were cash flow negative when the seller acquired them in late-2022. Post-acquisition, the owner/operator completed extensive renovations, and then the operator, Golden Bell Senior Living, was brought on to rebuild census and significantly improve operating performance at both of the communities. The buyer, a South Florida-based private fund, will keep Golden Bell on as the operator.... Read More »Schedule a demo
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