Class-A Community Trending Towards Stabilization Sells in Missouri
A Class-A assisted living/memory care community in O’Fallon, Missouri, sold thanks to Alex Florea, Kyle Hallion and Kevin Lukehart of Blueprint. Opened in 2018 with 134 units, The Landing of O’Fallon features two-bedroom, one-bedroom and studio options, with a number of units sharing Kory-and-Kyle bathroom configurations. It was purpose-built with a steel-frame construction, high-end finishes and resort-style amenities. The community sits in the affluent St. Charles County submarket of St. Louis, which has very strong demographic trends, but there were multiple competitors that either opened communities or will open them soon. But at the time of launch, the community had solid... Read More »
Joint Venture Grows Its Seniors Presence in Oklahoma
Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, announced a new acquisition, adding a 147-bed CCRC in Oklahoma to its growing portfolio. Stacked Stone made the purchase with joint venture partner Praxis Capital and started a new relationship with the incoming operator, Sage Integrated Health. The campus operated around breakeven with occupancy in the mid-80s and a healthy Medicare census. It was previously owned by a not-for-profit organization, so we imagine there may be immediate upside from expense management. The joint venture bought the asset for $10.8 million, or $73,500 per bed. There are several other transactions in the works at Stacked Stone, so... Read More »
Texas and Colorado SNFs Trade in Separate Transactions
SVN Senior Living Advisors (SVN SLA) announced a couple of closings for skilled nursing facilities in Texas and Colorado. First, Josh Salzman led the way on the sale of a lender-owned facility in San Antonio. The large facility had more than 230 licensed beds and was non-stabilized at the time of sale. The national bridge lender had owned and controlled the facility after completing a foreclosure action. It retained SVN to conduct a confidential marketing process and target buyers with a high degree of closing certainty. A national owner/operator looking to increase its portfolio in Texas emerged as the buyer. Then, Mark Myers, in conjunction with his former team at SVN SLA, closed the... Read More »
Private Equity Firm Divests Orlando Property
Berkadia announced the sale of Somerby Lake Nona, an 80-unit assisted living and memory care community in the Lake Nona neighborhood of Orlando, Florida. Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a private equity firm. Going forward, the property will be managed by Atlas Senior Living under a new name, The Goldton at Lake Nona. At closing, the community was nearly 85% occupied. Built in 2015, the property offers private apartments with full baths, a resort-style swimming pool, restaurant-style dining, a café, and landscaped outdoor spaces. Read More »
Private Lender Provides Debt
Kennedy Funding, a New Jersey-based direct, private lender, provided debt to fund the purchase of a seniors housing community in Inverness, Florida, about 75 miles north of Tampa. Crown Court sits on 0.7 acres and features 55 units of assisted living. It was in need of significant renovations, and the loan partially funds the improvements. The debt was closed quickly to allow the buyer to start on the project. VSEVA, a Florida LLC, bought the community for $3.725 million, or $74,500 per unit. Vera Healthcare will continue operating the community after taking over in December 2024. The property was renamed Vera Assisted Living – Inverness Downtown, and there are plans to expand with an... Read More »Schedule a demo
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