Receivership Estate Sells in Alabama
Kory Buzin and Steve Thomes of Blueprint handled another successful sale on behalf of a lender and special servicer, this time involving a receivership estate in Mobile, Alabama. Knollwood Point, a 2001-vintage, 46-unit assisted living and memory care community, struggled in recent years as a result of challenged occupancy and volatile staffing. The deal was positioned as an opportunity for an incoming regional owner/operator to acquire a well-maintained community, with the potential to stabilize the community’s operating cash flow through the implementation of expense control measures. Multiple competitive offers were procured, with the ultimate buyer being an owner/operator with an... Read More »
Joint Venture Seller Divests CCRC to Not-for-Profit
Ziegler sold Asbury Place Maryville, an entrance fee community in Maryville, Tennessee, on behalf of McFarlin Group and Artisan Capital Partners. The 177-unit community sits on 40 acres and consists of 73 independent living apartments and cottages, and two 22-unit assisted living and memory care buildings that were built in 2017. There is also a 43,000 square foot decommissioned assisted living building that the new owner intends to redevelop. After Ziegler’s focus on a select group of qualified buyers, HutsonWood, a not-for-profit, mission-driven senior-living and housing organization, purchased the property and took over operations on November 1. Based in Nashville, the organization... Read More »
Arizona AL/MC Communities Trade Hands
Shortly after acquiring a Texas community through a joint venture with JDI Realty (Berkadia handled that transaction), Stellar Senior Living acquired two more assets are in Arizona. They were purchased through a joint venture with Bakerson Companies. CBRE secured acquisition financing for the assets, The Oaks Assisted Living & Memory Care and The Groves Assisted Living & Memory Care. The communities will continue to be managed by Stellar. Aron Will and Adam Mincberg of CBRE National Senior Housing, and Scott Peterson and Brian Cruz of CBRE Capital Markets, secured the three-year, $32.8 million, floating-rate loan with full-term interest only through a national bank. Located in... Read More »
Azure Partners Enters Seniors Sphere Through IL/AL Purchase
JLL Capital Markets arranged the sale and financing for Cypress Court, a 148-unit independent and assisted living seniors housing community in the Escondido submarket of San Diego, California. The seller was an affiliate of Kisco Senior Living, and the buyer was Azure Partners. The 10-year acquisition loan was arranged through Freddie Mac. Northstar Senior Living will continue to manage the asset, which marks the first seniors housing community acquired by Azure, a real estate investment firm, which is aiming to “rapidly” expand its portfolio in the sector. Cypress Court offers 76 independent living and 72 assisted living units on 2.54 acres. It was stabilized at the time of... Read More »
Sabra Trims Forecast, Tempering a Solid Quarter
Sabra Health Care REIT, Inc. announced several acquisitions in its third quarter results. The REIT acquired six managed seniors housing properties for $217.5 million with an estimated initial cash yield of 7.8%, three of which were acquired through a consolidated joint venture in which Sabra has a 95% equity interest. The company also purchased the operations of four managed seniors housing properties during the quarter. The assets were previously leased to a tenant under triple-net operating leases for $19.7 million. Subsequent to quarter end, Sabra closed on three additional managed seniors housing properties for $124.0 million with an estimated initial cash yield of 7.0%, bringing... Read More »Schedule a demo
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