Walker & Dunlop Sells Two California Communities
Walker & Dunlop has announced the sale of two California communities, both located in the greater Los Angeles area. The deal included Westminster Terrace, a 76-unit assisted living community built in 2000 in Westminster, and Del Obispo Terrace, a 94-unit assisted living community built in 1984 in the town of San Juan Capistrano. Dallas-based healthcare real estate group, MedCore Partners, sold both properties.Before the sale, MedCore invested a total of $4.4 million in upgrades and renovations across the two campuses. With those renovations finished, they sold Westminster Terrace to Oxford Health Group, and then sold Del Obispo Terrace to AEW a month later. The purchase prices were not... Read More »SLIB Closes Tennessee Transaction
A private REIT divested a couple of seniors housing communities in Tennessee that were deemed to be outliers for its national operator partner. Located in Knoxville and Powell, the communities feature a combined 102 assisted living and memory care units. Senior Living Investment Brokerage’s Bradley Clousing and Patrick Burke marketed the assets and presented six qualified offers, with the seller selecting a joint venture between a real estate/asset management firm and an operator with an existing footprint in Tennessee. No other details were disclosed. Read More »LIV Development Leaves Seniors Housing Sector
We have learned that Brooks Blackmon and Steve Thomes of Blueprint Healthcare Real Estate Advisors have handled the sale of Portside at Grande Dunes located in Myrtle Beach, South Carolina. The A-quality community opened in 2019 with 83 assisted living and 32 memory care units, and in 2020, it expanded with 134 units of independent living and 16 independent cottages. It was still in lease-up at the time of the sale. LIV Development, a multifamily investor, developed the community but is now exiting the seniors housing sector with its sale. In 2021, Mr. Blackmon handled LIV’s sale of its one other seniors housing asset, which was Peachtree Senior Living, a 55-unit independent/assisted... Read More »Senior Care Realty Sells in Wisconsin
Senior Care Realty (SCR) announced the sale of a 112-unit assisted living/memory care community in northwest Wisconsin. Daren Dudgeon, Bob Richards and Chad Wegner represented the owners, a husband and wife team that had worked with SCR in two previous assisted living deals. A national organization that plans to utilize its in-house operating team paid $24 million, or $214,000 per unit, for the community. Read More »Greystone Refinances in Indiana and Arizona
Greystone placed a total of $23.5 million in bank financing to refinance two senior housing properties in Indiana and Arizona. The separate transactions were originated by Cary Tremper, Tyler Armstrong, and Matt Miller of Greystone, on behalf of Spectrum Retirement Communities. Lone Mountain is a 50-unit memory care facility located in the Phoenix market, which was refinanced with a $11.275 million loan. The newly-constructed, Class-A property opened in March 2018, and includes six one-bedroom units and 44 studio units. Amenities at the property include private dining, library, game room, exercise room, activity room, computer room, salon, and terraces and courtyard features. Meadow Brook... Read More »Schedule a demo
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