Erickson Senior Living Opens Phase I of $500 Million Development
A new independent living community, Avery Point by Erickson Senior Living, is set to open after two years of construction. Erickson Senior Living developed the community and will operate it going forward. Eventually, the IL portion will be part of a massive 1,400-unit CCRC on 94 acres in Goochland, Virginia (Richmond MSA). Construction started in 2019 with Phase I consisting of 216 independent living apartments in one- and two-bedroom configurations. Erickson announced that Phase I is already filled to capacity and they are expecting the Phase II developments to be sold out as well. Moseley Architects is the architect for the $500-million-dollar development project, which should come out... Read More »
Buyer Enters SNF Market with Ohio Acquisition
Evans Senior Investments arranged the sale of a 99-bed skilled nursing facility in Ohio. Built in phases from 1946 through 1985, the facility received two significant renovations in 2013 and 2019. It comprises 47 private rooms and 26 semi private rooms and was 70% occupied at the time of marketing. The high number of private rooms meant that the facility operated with an above-average quality mix, but it was operating around breakeven. This was the buyer’s first skilled nursing acquisition, although it was involved in the operations for a regional owner/operator for years. Read More »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 »Schedule a demo
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