New Buyer Enters Seniors Housing
A privately held REIT focused primarily on private pay seniors housing communities throughout the U.S. engaged Blueprint in the sale of its seniors housing community in Bloomfield, Michigan. Michael Segal, Brooks Blackmon, Daniel Waldhorn and Lauren Nagle handled the transaction. Built in 2001 with significant renovations starting in 2015, the community features 81 independent living units and offers assisted living care services as well as respite stays. It appears to be Comfort Cove Premier Senior Living. Showcasing operational upside through occupancy improvement and rental rate growth, Blueprint’s process resulted in an attractive offer from a local home health care provider,... Read More »
Bull Realty Handles Georgia AL/MC Transaction
Ernie Anaya of Bull Realty handled the sale of a seniors housing community in Cartersville, Georgia. Built in 2021 on 8.83 acres, Tiger Lily Estates is an assisted living and memory care community that features 48 units across five buildings with 38,339 total square feet. The community additionally offers adult day care, licensed for 23 guests. The asset was vacant at the time of sale, and its zoning supports institutional uses including behavioral and substance abuse treatment facilities. Included in the sale are architectural work plans for Phase II to increase the size of the facility for an additional 31,940 square foot building with 49 units on 3.66 acres. The buyer and purchase... Read More »
Elevation Financial Group Acquires in Texas
Elevation Financial Group announced the acquisition by Elevation Real Property Fund VIII of Reunion Court of Kingwood in Houston, Texas. The asset was acquired for $7.25 million, or $38,000 per unit. Built in 2000, Reunion Court of Kingwood comprises 120 independent living, 42 assisted living and 28 memory care units. Elevation will repurpose the independent living building into senior apartments and the community will be rebranded as King’s Preserve at Kingwood. The capital expenditure plan includes a new secured access and camera system, repairs to HVAC systems, sidewalk and parking lot improvements and fresh paint. The previous owner, a large private equity group, infused a... Read More »
Tremper Capital Group Secures Competitive Bank Loan
One of the takeaways from the NIC Spring Conference earlier this month was that more lenders seemed willing to jump back into the market, possibly offering more competitive terms to get deals, as well. Tremper Capital Group has seen that first hand with one of its latest financings. The borrower was Focus Healthcare Partners, looking to finance its acquisition of Cedarhurst of Woodland Hills in Tulsa, Oklahoma. Originally built in 2016 as an active adult community by Avenida Partners and Carlyle Group, Woodland Hills features 140 independent living units and has been rebranded as The Cedars at Woodland Hills, with 12 Oaks brought in to manage it. Occupancy was in the low-90s, and it... Read More »
Family-Owned Company Acquires in Texas
Matthew Alley and Brad Goodsell of Senior Living Investment Brokerage were engaged by a local partnership in its divestment of its only seniors housing asset. The buyer was a local family-owned company that intends to take advantage of the strong cash flow of the building. The community, which is in Plano, Texas, was acquired for $3.7 million, or $142,000 per unit. Built in 2016, Bader House Memory Care sits on 2.9 acres with 12,323 square feet and features 26 memory care units with room for expansion. The community was 92% occupied at the time of the sale. It was making $1.86 million in revenues and $397,000 of EBITDAR, and sold for a cap rate of 10.7%. Read More »Schedule a demo
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