Northwestern Mutual Divests California Community
Northwestern Mutual has divested its 150-unit assisted living community in Brentwood, California with the help of Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets. Named Cortona Park, the community was built in 2007 with studio, one-bedroom and two-bedroom unit options averaging 761 square feet. Pets are welcome at the community, which also features a host of amenities including a library, café/bistro, beauty shop, courtyard and garden, outdoor pool, theater, billiards, fireside living room and a community room with meeting space. John Muir Health Urgent Care is located adjacent to Cortona Park, and two hospitals are within the surrounding area. Northwestern Mutual sold... Read More »SLIB Handles Port Orange, Florida Sale
Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty helped facilitate a private REIT’s exit of an operational outlier from a previous portfolio with the sale of a memory care community in Port Orange, Florida (Daytona Beach MSA). Consisting of over 54 units on a three-acre parcel, the high-quality community was well operated. A growing regional owner/operator looking to expand its presence in Florida emerged as the buyer from multiple other offers, but the purchase price or other transaction details were not disclosed. Read More »Jacaranda Trace Sale Arranged by Ziegler
We have learned that Dan Revie and Don Husi of Ziegler represented the seller of Jacaranda Trace, an independent and assisted living community in Venice, Florida. Sarasota, Florida-based not-for-profit Convivial Life acquired the property, which was built in phases from 1999 to 2015 to now include 295 units on 33 acres with a plethora of amenities and activities in close proximity. Convivial also plans to take the underdeveloped lots and extra space and utilize that land for additional venues, amenities and activities. As part of the acquisition, Convivial purchased an 85,000+ square foot clubhouse featuring a fitness center, heated outdoor pool and jacuzzi, an on-site doctor’s... Read More »Executives on the Move
Greystone, a real estate lending, investment and advisory company based out of New York City, has appointed a new CEO, Hafize Gaye Erkan. A former executive at publicly traded First Republic Bank, she takes over this position after 18 years of experience in the banking sector. She has a distinguished background, holding a Ph.D. in Financial Engineering from Princeton University, and has spent nearly a decade with Goldman Sachs. Dr. Erkan plans to expand Greystone into new areas of financial services while continuing to provide real estate finance services. Her banking and wealth management experience will be utilized to expand Greystone’s lending products and private wealth management... Read More »60 Seconds with Steve Monroe: The Road to Recovery
We are now halfway through 2022, and 15 months into the post-pandemic recovery. But with interest rates and inflation rising, there could be new headwinds to a full recovery. Speaking of full recovery, most of the talk has been about getting back to pre-pandemic levels of occupancy, NOI and NOI margin. That is certainly a first step. But there is a big difference between pre-pandemic levels, and say, those levels in 2016 or 2017 which, at a minimum, should really be the target. For example, Welltower’s SHOP portfolio of 51,000 seniors housing units had a 91.0% occupancy rate and margin of 32.8% in the first quarter of 2016. By the fourth quarter of 2019, with 70,000 units, they had fallen... Read More »Schedule a demo
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