CCHI Acquires and Repurposes MC Community
Blueprint was engaged by a public REIT in its divestment of a seniors housing community in Highland Park, Illinois, that was vacant at the time of sale. A not-for-profit organization, The Collaborative Community Housing Initiative, acquired the memory care community. CCHI will transform the community into a 45- to 50-unit co-living space for adults with disabilities in an environment designed for inclusion and independence through independent living, social engagement and recreational and educational activities. Ben Firestone and Lauren Nagle handled this transaction. Read More »
Focus Healthcare Partners Acquires in Oklahoma
Focus Healthcare Partners acquired a seniors housing community in Tusla, Oklahoma. Originally built in 2016 as an active adult community by Avenida Partners and Carlyle Group, Cedarhurst of Woodland Hills is an independent living community with 140 units. The community has been rebranded as The Cedars at Woodland Hills, with 12 Oaks brought in to manage it. Occupancy was in the low-90s. It is in excellent condition. According to the Tulsa County Assessor’s office, it was last purchased in 2017 by an affiliate of Harbert Management Corporation for $25.872 million. The current purchase price was not disclosed, but Tremper Capital Group secured acquisition debt from a regional bank. Cody... Read More »
Prestige Group Sells West Virginia AL Asset
A small assisted living community in rural West Virginia traded hands from one local operator to another in a deal handled by Joe Shallow and Richard Natow of The Prestige Group. Originally purpose-built by a husband and wife in 2004, the community is located in Peterstown, near the Virginia border. It features 42 beds in 28 units and operates at 100% occupancy. There were some Medicaid residents, but the majority was private pay. The community was also kept in good condition over the years and operated profitably. The owners wished to retire and engaged Prestige to sell the property. The buyer was a physical therapist that previously lived in the Northeast but had purchased another... Read More »
Private Equity Investor Acquires Stand-alone IL Community
Chad Mundy and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap closed a seniors housing deal in Standpoint, Idaho. Alpine Vista Senior Apartments comprises 55 independent living units and is the only full-service, stand-alone independent living option in Bonner and Boundary counties. The property has room for expansion, which can help meet the area’s increasing demand. The buyer was an equity investor entering the seniors space through this transaction. Read More »
Vacant Harrisburg Property Trades
Bob Gaines of Colliers facilitated the sale of a seniors housing community in Harrisburg, Pennsylvania. Built in 1950 and completely remodeled within the previous eight years, Butler Street Senior Living comprises 78 assisted living beds and was vacant at the time of sale. Butler Street Senior Living LLC, affiliated with Kaplan Development Group, was the seller, and the community features 57 assisted living and 11 memory care units. A not-for-profit, LHM Hospice and Social Services, was the buyer and paid $4.8 million, or $71,000 per unit, for the community. Not a bad price for a vacant building. Read More »Schedule a demo
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