Greystar Acquires Active Adult Community in Utah
Real estate investment group Greystar announced the acquisition of The Ivy at Draper, a 277-unit active adult community in Draper, Utah. The community was previously purchased in 2018 for $51.4 million, or $186,000 per unit, by the current seller Kennedy Wilson. Built in 2015, the five-story property sits on four acres just south of Salt Lake City. Floorplans will start at $1,300 a month, and units feature mountain views, easy access to nearby golf courses, restaurants and entertainment. Danny Shin and Brock Zylstra of Marcus and Millichap helped to broker this transaction. The team worked to source CBRE which arranged a $44.6 million Fannie Mae loan for the acquisition. This transaction... Read More »Northland Enter The Active Adult Market
National real estate private equity firm Northland announced its first active adult acquisition. The active adult market has taken off in popularity over the past few years and continues to remain a hot market. According to Levin Pro, over the last two years, there have been a total of 72 acquisitions within the rapidly growing subsector. With such low barriers to entry and being designed similarly to multifamily, this makes for an easy transition for multifamily developers to dip their toes into active adult. Emblem Alpharetta of Alpharetta, Georgia will serve as the seventh residential property for the state in Northland’s portfolio. Built in 2006, the 210-unit, fully leased community... Read More »Fairstead Acquires Senior Apartments Portfolio
Real estate investor Fairstead announced the acquisition of an affordable seniors housing portfolio in the state of Kentucky. The portfolio comprises 950 units of affordable housing, including for low-income seniors, across 16 properties in the districts of Louisville, Bardstown, Barbourville, Hardin, Hodgenville, Lexington, Mayfield, New Haven, Scottsville, Shepherdsville, and Radcliff. The apartments are made affordable through the HUD Section 8 and LIHTC programs. KeyBank Real Estate Capital served as the lender in this transaction. Eric Steinberg, a senior banker with KeyBank’s community development lending and investment team handled this process on behalf of the company. This will... Read More »Walker & Dunlop Arranges HUD Refinances
Walker & Dunlop announced that it has structured $57.2 million in HUD financing for three skilled nursing facilities in Illinois. The three facilities were Avantara Park Ridge in Park Ridge, Moraine Court Supportive Living in Bridgeview, and Aperion Care Elgin in Elgin. The 154-bed Avantara Park Ridge received a $15.6 million loan, and Moraine Court, with 185 supportive living beds, received the largest loan totaling $28.7 million. Lastly, the 101-bed Aperion Care secured a $13.3 million loan. Josh Rosen of Walker & Dunlop led the transactions which utilized the LEAN 232/223(f) for the refinance of two properties and the 232/223(a)(7) program for the other. But the borrower was not... Read More »Greystone Finances Florida Active Adult Development
Greystone arranged $52.5 million in debt and equity financing for an active adult development in Gainesville, Florida. Developed by Discovery Senior Living, the 180-unit active adult community will be named Discovery Place at Celebration Pointe, which will feature outdoor gathering areas, restaurants, entertainment options, a high-tech theater and a full calendar of festivals and special events. The community sits miles away from The University of Florida. Construction began in May 2022, and the community should open by early 2024. Cary Tremper and Matt Miller of Greystone originated the financing. Read More »Cascadia Healthcare Adds to Washington State Portfolio
Cascadia Healthcare announced the acquisition of Pinewood Terrace, a 92-bed skilled nursing facility in Colville, Washington. The facility sits on 1.5 acres just miles from the Canadian border. Blake Bozett of Blueprint Healthcare Real Estate Advisors marketed this asset on behalf of a seller looking to exit the Washington SNF market to pursue acquisitions in states with more favorable reimbursement and fewer regulatory challenges. Mr. Bozett marketed the asset to regional owner/operators looking to acquire a SNF at an appealing per-bed price with attractive HUD financing. Cascadia emerged as the buyer with the intention to increase their presence in the northern Idaho and Washington area.... Read More »60 Seconds With Swett: Interest Rate Concerns Cooling M&A Market
In the last couple of months, we have heard from a number of people in the dealmaking business that rising interest rates have caused their potential buyers to hit pause, and a couple of major investors even said that pencils were down for the time being. We can’t say we’re surprised, given where wages have gone and what other issues inflation has caused. And if future earnings are affected by permanently higher labor costs alone, then the higher debt payments caused by higher rates really won’t cut it for those buyers. We have also heard that bid-ask spreads were widening, which will affect transaction volume. The terms “bid-ask spread” and “pencils down” conjure up memories of the worst... Read More »Rocky Mountain Assisted Living Portfolio Sells
Senior Living Investment Brokerage successfully closed the sale of an assisted living portfolio with the help of Vince Viverito, Jason Punzel, and Brad Goodsell. The portfolio comprised a total of 212 assisted living and memory care units across three properties in the Rocky Mountain area. Built from 2017 to 2020 the portfolio sold for a price of $37.5 million or $177,000 per unit. Occupancy ranged drastically from a community in lease-up at 12% to a community with 77%. An Arizona-based owner/operator purchased the assets from a Utah-based developer who was looking to exit the industry. Read More »Waterbury-Area SNF Sells in Connecticut
The Prestige Group announced the sale of a skilled nursing facility in Watertown, Connecticut. The 46-bed facility was known as Watertown Convalarium and was renamed Trinity Terraces. The property sits on 8.5 acres in the greater Waterbury area. Joe Shallow and Richard Natow handled this transaction. The seller of the facility was not disclosed. An LLC linked to Venkat Doddapaneni was the buyer. Read More »Naples CCRC Embarks on Expansion
Suffolk Construction has plans in place to tear down a trio of vacant independent living apartment buildings at Vi at Bentley Village, in Naples, Florida, as part of a redevelopment project on the Naples campus. Demolition is expected to start August 22, and the renovations are to be completed by the end of February 2024. The redevelopment project will bring the community four new buildings comprising 64 independent living units, in five potential floor plans. Each unit ranges in size from 2,400 to 4,500 square feet. The independent living community offers resort-like amenities, as well as lake and golf course views. Each new residence will offer a spacious, screened-in outdoor living... Read More »Schedule a demo
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