Gardant Management Solutions Grows By 45%
Gardant Management Solutions has just taken over management of 25 assisted living communities in Illinois (22) and Ohio (3) with nearly 1,375 units. With this addition, Gardant’s size will increase by about 45%, something that will not be too easy to transition in the current operating environment. The company will now operate more than 80 communities with nearly 7,200 units. Prior to this new management contract, Gardant’s average community size was 106 units. Now it is closer to 90 units since the new 25-community portfolio averages about 55 units each. The Bourbonnais, Illinois-based company focuses on affordable assisted living, and many of these 25 communities were designed to... Read More »
Civitas Developing New Active Adult Community
Civitas Capital Group, a Dallas-based alternative investment manager focused on U.S. real estate, announced it has closed on a new development project to expand its presence in the seniors housing space. Terraces at Tree Farm will be developed lake-side in Basalat, Colorado, within the economic hub of Roaring Fork Valley. It will be a Class-A, 72-unit active adult community surrounded by shops, restaurants, trails, offices, condos, apartments and a hotel. The development of this community qualifies as a rural project, or a Targeted Employment Area project (TEA), which allows for EB-5 investors to obtain access to set-aside visas and priority processing under the EB-5 Reform and... Read More »
Lisa McCracken Joins NIC
Lisa McCracken will be taking her research and analytics expertise to the National Investment Center for Seniors Housing & Care (NIC) effective October 1. She will be the head of research and analytics for NIC. She had a similar job at the investment banking firm Ziegler, where she was director of senior living research and development for the past six years, and SVP for the four years prior. Earlier this summer Beth Mace “retired” as NIC’s chief economist and director of research and analytics, and while no one can fill her shoes, it looks like Lisa will take over the research side of things while Beth slows down and tries to ease into retirement working part time for NIC with her... Read More »
The REIT/Operator Shuffle Continues
Ventas just announced that it was changing out the management of 26 independent living communities that had been managed by “Holiday by Atria.” Sodalis Senior Living will be taking over 13 communities in Texas, Priority Life Care eight in Florida, and Discovery Senior Living five in California. All three companies are already successfully managing properties on behalf of Ventas. The new managers will take over on or around September 1 for the majority of the communities, with the balance early in the fourth quarter. What we know is that Priority Life Care took over a portfolio of the former Eclipse managed properties and performed better than expected, or at least what Ventas may have... Read More »
Diversified Healthcare Trust/Office Properties Trust Deal in Jeopardy
Last April 11, Diversified Healthcare Trust announced a merger (sale) with Office Properties Income Trust whereby DHC shareholders would receive $1.70 in OPI shares for each DHC share, then worth about $1.20 per share. Within weeks the shares plunged by 33% to $0.80 per share. They had been as low as $0.61 per share on December 22, 2022. We suppose management must have been desperate. Something didn’t smell right to a few investors, and shareholder Flat Footed LLC raised the red flag that this was not a deal in the best interests of DHC shareholders. And they fought it. They were not the only ones who decided the merger was not in the best interests of DHC shareholders. Now, three leading... Read More »Schedule a demo
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