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 »

Evans Senior Investments Handles Portfolio Sale

Evans Senior Investments announced the sale of a seven-property skilled nursing portfolio. Built between 1957 and 2017, the portfolio comprises a total of 558 beds in the southwestern region of Colorado. The buyer is an east coast-based owner/operator looking to expand its presence out west. The portfolio sold for a purchase price of $51.5 million, or $92,000 per bed. Occupancy was approximately 77% before COVID-19 struck the portfolio and caused the census to fall to 65% at the time of marketing. Jeremy Stroiman and Evan Jacobsze of Evans Senior Investments handled this transaction. Read More »

Blueprint Facilitates Texas Transaction

Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in Waco, Texas. Legends Crossing comprises 106-units and sits on 6.7 acres adjacent to Baylor Scott & White Medical Center. Built in 2015 by Mainstreet, the community has since been foreclosed upon and left vacant. Blueprint sourced Texas-based joint venture Zelevie Health and Skywalker Property Partners as the buyers of the community. This is the joint venture’s first acquisitions within the seniors housing space. Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors handled this transaction. Read More »