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 »Artemis, ACG and MorningStar Refinance Oregon Property
A joint venture between Artemis Real Estate Partners, American Capital Group and MorningStar Senior Living just refinanced its 142-unit independent living community in Hillsboro, Oregon with the help of CBRE National Senior Housing’s Aron Will, Austin Sacco and Tim Root. Situated on 1.25 acres, the community opened this month as the first brand-new and high-quality IL community built in the last six years in the local market. It is located less than a mile from the 126-bed Kaiser Permanente Westside Medical Center and from The Streets of Tanasbourne, a 386,000-square-foot outdoor shopping mall. MorningStar is the operator. CBRE secured a $33.1 million non-recourse loan through a national... Read More »Walker & Dunlop Works on Calamar’s Senior Apartments Sale
We learned that the Walker & Dunlop Seniors Housing Investment Sales team of Josh Jandris, Brett Gardner, Tony Cassie, Mark Myers, Gideon Orion, Jordyn Berger, Alex Vice, and Sam Thompson represented Calamar in the sale of its 25-property senior apartment/active adult portfolio under the brand name “Connect55+” for $502 million, or $172,000 per unit. They are located primarily in non-coastal East Coast and Midwest locations, with concentrations in western New York and Pennsylvania and the Kansas City area. Monthly rents average $1,300, and the portfolio maintained high levels of occupancy throughout the pandemic. There was an average length of stay above five years. There were 18... Read More »Schedule a demo
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