PinPoint spins off to focus on seniors housing
PinPoint Commercial, a national boutique development partnership that has created over $600M in industrial, medical, retail and senior housing assets, is creating a new company, PinPoint Senior Living (PSL), to focus on the development of new senior living communities. We have written before of Pinpoint Commercial’s “Legacy” brand of seniors housing (see: Assisted Living technology at its best), and the company has so far developed eight properties in Texas, New Mexico, Georgia, Louisiana and Florida. This July, Legacy at Highwoods Preserve in Tampa, Florida is set to open, with 60 assisted living units and 22 memory care units, to be operated by Thrive Senior Living. But with this new... Read More »Another property for Shamrock
A joint venture developing a portfolio of senior living communities in Northern California is adding its sixth property to its partnership, called The Shamrock Alliance. Portland, Oregon-based Shamrock Holdings, together with CB|Two Architecture and Construction and Artēgan Senior Living, is planning to build a 130-unit rental CCRC in Folsom, California (in the Sacramento area). Just breaking ground last week and expected to open next summer, the community will feature 85 independent living, 26 assisted living and 19 memory care units, to be managed by Artēgan. Typically, the projects are in a 140,000 sq. ft., three-story building located on an infill site. To fund the development,... Read More »Occupancy and rising development
What do the occupancy numbers recently released by Brookdale Senior Living portend for the seniors housing industry? As expected, the company announced a decline in its occupancy, posting an 80 basis point drop from the previous quarter at its legacy Brookdale properties, and a sequential 110 basis point drop at its legacy Emeritus properties. When compared to the first quarter of last year, the decline is even more pronounced, with occupancy at both groups of properties falling 110 basis points and 200 basis points, respectively. Even when taking into account the expected negative effects of the Emeritus merger at the community level, an especially harsh winter and a relatively... Read More »Bourne Financial Group makes push into seniors housing
Founded in 2014 by Robert and R. Kyle Bourne, Bourne Financial Group (BFG) is set to open its first 10 assisted living communities across the country by the end of 2016, representing an investment of over $200 million. Not short on experience, BFG’s leadership, all formerly of CNL Financial Group, has over 90 years of combined of experience in seniors housing, health care, and real estate finance and investments. In their first two funds, BFG has raised over $45 million in equity, which will go towards building eight communities in various locations across the country. Typically, in a secondary market, their development costs will start around $200,000 per unit, and go up to $240,000 in... Read More »Would you buy a Certificate of Occupancy?
There is always a good amount of risk when purchasing a seniors housing community at Certificate of Occupancy. While you avoid the risks associated with development and construction costs, you are saddled with the burden of fill-up. But Capitol Seniors Housing (CSH) is up for the challenge, having recently purchased, along with its joint venture partner Harvard Management Company, a 92-unit/109-bed assisted living/memory care community in Tampa, Florida. The newly opened community was developed by a joint venture between Walt Chancey and Rookis Development Company and presold to CSH prior to breaking ground for an agreed price of $20 million, or $217,400 per unit. CSH has brought in The... Read More »Schedule a demo
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