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 »
GEM Realty Capital Expands Its Active Adult Portfolio
The CBRE Capital Markets Houston Multifamily Group and CBRE National Senior Housing handled the sale of an active adult community in Houston, Texas. Built in two phases in 2006 and 2012, Elate Royal Oaks, previously known as Camden Royal Oaks, consists of 340 units (236 were built in Phase 1, and 104 were built in Phase II). Clint Duncan, Matt Phillips, Jock Naponic, Nolan Mainguy and Philip Kerr of the Multifamily Group, as well as Aron Will and John Sweeny on the seniors housing side, represented the seller. CBRE National Senior Housing also acted as the advisor in securing acquisition financing on behalf of the buyer through its Debt & Structured Finance team. Aron Will and Michael... Read More »
New Venture Secures Acquisition Financing and Purchases Active Adult Community
Newmark arranged the sale and financing for a seniors housing community in Huntington Beach, California. The seller, Bascom Group, was represented by Newmark Vice Chairman Dean Zander, who worked on the deal with Voit Real Estate Services’ Joe Leon and Nick Ingle. Huntington Breeze is a 114-unit, 103,000-square-foot active adult community that was built in 1987 and renovated in 2017. Newmark Executive Managing Directors Vincent Punzi and Lowell Takahashi facilitated acquisition financing on behalf of the buyer, WSW Property Ventures, a new venture headed by Steve Wasserman, Pamela Scott and George Wu. WSW plans to unlock additional value through strategic initiatives, including the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
