A Recap For The Clare
When Fundamental Advisors and Senior Care Development, together with the manager Life Care Services, purchased The Clare in downtown Chicago out of bankruptcy in 2012 (then known as The Clare at Water Tower), it looked like a risky bet for some people. After all, its reputation was sullied a bit with the bankruptcy, occupancy was low, and there were still people questioning the entrance-fee model of CCRCs. As usual, hindsight is 20-20. With some changes instituted by the buyers, The Clare soon thrived, with occupancy reaching 98% to 99% with a wait list prior to the pandemic. But then census dipped by 400 to 500 basis points during COVID. Other providers should have been so lucky.... Read More »CareTrust REIT Sells Seven SNFs in Ohio
CareTrust REIT completed its sale of seven skilled nursing facilities in Ohio. Totaling approximately 600 skilled nursing beds and 100 seniors housing beds/units, the portfolio sold for $52 million, or around $72,000 per bed/unit. In connection with the sale, CareTrust’s master lease with affiliates of Trio Healthcare was terminated. The deal was the first closing of an announced plan in February 2022 to sell or re-tenant 32 properties. The remaining 25 seniors housing communities currently held for sale or re-tenanting are moving along and should be resolved in the coming months. Read More »Active Adult Acquisition Announced in Utah
Institutional Property Advisors (IPA), a division of Marcus & Millichap arranged the sale of Lakeside Village, an active adult community in West Valley City, Utah. Built in 1997, the community comprises 144 units and sits on 6.2 acres. The units consist of one- and two-bedroom residences with eight-foot ceilings, walk-in closets and private balconies or patios. Amenities include a swimming pool, hot tub, community garden and pond. Danny Shin and Brock Zylstra of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Read More »Blueprint Facilitates Florida Bankruptcy Sale
Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in Florida. Vista Lake of Leesburg comprises 74 units of assisted living and memory care in the greater Orlando area. Built in two phases in 1996 and 2000, the community was acquired in 2018 through a portfolio transaction by Eagle Senior Living. However, the community struggled during the pandemic as Eagle Senior Living simultaneously navigated Chapter 11 bankruptcy. Blueprint was engaged by the Eagle Senior Living in the summer of 2021 to run a competitive sale process for the Leesburg community, which included selecting a stalking horse bidder in addition to launching a broader auction process.... Read More »SLIB Sells Assisted Living in Wisconsin
Ryan Saul of Senior Living Investment Brokerage handled the sale of a 32-unit assisted livingand memory care community located in Westfield, Wisconsin, which is 50 miles north ofMadison. The community sits on 3.1 acres and consists of 22 assisted living units and 10memory care units. The sales price was $2.8 million, or $87,500 per unit, and came with a cap rate of 9.9% based ontrailing six months ending May 2021 annualized. Occupancy was only 65%, which is up from itspandemic low of 50%. The seller was a local mom and pop operator and getting out ofthe business with this sale. Census dropped temporarily on news of the upcoming sale. Harris Villa Assisted Living was built in 2006 and 2011... Read More »Schedule a demo
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