Tutera Senior Living Acquires in Illinois
Tutera Senior Living & Health Care announced its latest acquisition involving a 75-unit assisted living/memory care community in Matteson, Illinois. Built in 2021 for a cost of around $21 million, or $280,000 per unit, the community formerly operated under the name Alexi Senior Living for just eight months before closing in 2022. Tutera is making improvements and will reopen the community in early Spring. Since December 2024, Tutera has already invested $200,000 upgrading the community’s safety and mechanical equipment, systems and protocols with the assistance of Arch Design Builders. In addition, Tutera is completing minor remodeling and refreshing to enhance the property’s new and... Read More »
Joint Venture Secures Financing
Live Oak Bank provided financing for the acquisition of Whisper Woods of Smithtown by a joint venture between National Development and Benchmark Senior Living. The previous owner, Sculptor Real Estate, refinanced the property in 2023. Live Oak provided that $29 million loan as well. Built in 2018, Whisper Woods is a 125-bed assisted living and memory care community in Suffolk County, New York. There are 71 AL units and 30 MC units across studio, one- and two-bedroom floorplans. National Development and Benchmark also recently broke ground on an 86-unit (63 AL and 23 MC) seniors housing community in Scotch Plains, New Jersey. This marks the developer’s entry into the state. Opening is... Read More »
Joint Venture Acquires in Florida
Bradley Clousing, Daniel Geraghty and Patrick Burke of Senior Living Investment Brokerage handled the sale of Promise Pointe at Tampa Oaks. The seller was a local developer, and this was its only seniors housing asset. Built in 2018, Promise Pointe is an 108-unit assisted living and memory care community in Tampa, Florida. This Class-A property sits on 7.18 acres and was breaking even at the time of the sale, with occupancy around 85%. The community was developed as an EB-5 program but never stabilized. The buyer is a regional operator that partnered with an institutional capital provider. The joint venture intends to complete a cosmetic update and focus on marketing efforts to... Read More »
Texas MC Portfolio Changes Hands
Blueprint facilitated the sale of a portfolio of standalone memory care communities in Texas on behalf of a real estate investment firm that predominantly invests in skilled nursing facilities. The three memory care communities, totaling 108 units, featured all private units in Fort Worth, Austin and San Antonio. These were the seller’s only memory care assets. The deal was positioned as an opportunity for an incoming owner/operator with regional expertise to integrate the communities into an existing platform, implement key cost control measures and execute on a capex investment plan to elevate each community’s profile and drive private pay rents. Blueprint secured three competitive... Read More »
Meridian Senior Living Acquires CO Property
Meridian Senior Living acquired a seniors housing community in Parker, Colorado, through a joint venture with a state pension fund investor. This transaction represents the 11th acquisition within the partnership and introduces Meridian to the Colorado market. Meridian’s portfolio now comprises more than 46 communities in 16 states. Built in 2018 with a strong rebound in occupancy post-pandemic, Pine Grove Crossing comprises 100 assisted living and 27 memory care units on 4.41 acres. Meridian intends to implement capital improvements to enhance resident amenities, including upgrading dining areas and outdoor spaces. Read More »Schedule a demo
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