Inspirit Senior Living and Venue Capital Add Another Knoxville Community
Inspirit Senior Living and Venue Capital expanded their joint venture together, adding a third community in the Knoxville, Tennessee area in just a matter of months. According to Levin Pro LTC, earlier this summer in June, Inspirit and Venue acquired two assisted living communities in Knoxville and Powell: a 62-unit assisted living community renamed Rain Forest Landings and a 40-unit assisted living community renamed Emory Ridge, respectively. The joint venture’s most recent Knoxville acquisition is the assisted living community Windsor Ridge. Built in 2000, it comprises 62 units and 70 beds on 3.7 acres with units ranging from 330 to 427 square feet. The community is located near another... Read More »60 Seconds With Steve Monroe: In Memoriam: Bill Sheriff
We learned two days ago that our friend Bill Sheriff passed away over the weekend. We lost a true gentleman and a true leader in the seniors housing industry. Not many people knew Bill well, as he was a quiet, but thoughtful, man. Known to be a man of few words, I had the honor of sitting down with him, one-on-one, for a four-hour interview for ASHA’s Entrepreneurial Spirit of Seniors Housing series. And yes, it did last four hours, and yes, he did most of the talking. I had known Bill for a few decades, but mostly short conversations at conferences or on the phone. But when you spend four hours with someone, starting with when they were born all the way to the present day, with many... Read More »CORRECTION: Two Nebraska Senior Care Facilities Sell
On August 29, we wrote that two senior care properties were sold in Lexington, Nebraska, including a skilled nursing facility named Plum Creek Care Center owned by Lantis Enterprises. However, Plum Creek Care Center has not sold. Rather, the City of Lexington bought Avamere at Lexington, an assisted living community. We apologize for the error. Read More »Gantry Arranges Active Adult Refinancing
Gantry arranged $72 million in financing for the refinancing of a four-property active adult community portfolio in Washington State. Transamerica Life Insurance Co. provided the fixed-rate loans in this transaction. The 15-year, fixed-rate loans feature a 30-year amortization period. Built between 2020 and 2022, Norpoint Communities’ portfolio comprises a total of 440 units. There was the 184-unit The Highlands at South Hill in Puyallup, refinanced with a $26 million loan, a 104-unit community in Silverdale refinanced for $25.3 million, the 88-unit Cooper Point Village in Olympia receiving $10 million in financing, and the 64-unit StoneRidge at the Park in Tacoma which got a $10 million... Read More »Capital Real Estate Group Handles Michigan Closing
Capital Real Estate Group’s U.S. Healthcare Investment Sales practice announced the sale of a two-property senior housing portfolio consisting of 139 total units in central Michigan. Both communities were built in 2016, and the portfolio’s apartment mix consists of 88 assisted living, 33 independent living and 18 memory care units. The two communities are located adjacent to one another and sit on a total of 13.5 acres. In the last few years, the communities have held a steady occupancy rate of over 80%, making them an attractive opportunity to the ultimate buyer, a publicly-traded REIT for a purchase price of $32.5 million, or $233,800 per unit. Andrew Larwood and Allen Inman of Capital... Read More »Big Rock Partners Embarks on $250 Million Development
Green Cay Life Plan Village announced plans for a $250 million development in Boynton Beach, Florida. The 15-acre site at Jog Road and Flavor Pict Road will be developed by BRP Senior Housing Management LLC (an affiliate of Big Rock Partners) and Greenbrier Development LLC. The resort-like CCRC will comprise around 170 independent living, 16 assisted living and 16 memory care units in a three-story, 340,000-square-foot building. That puts the development cost at more than $1.2 million per unit. Amenities will include multiple dining options, a bar and bistro, fitness and wellness centers, yoga studio, salon, movie theater, multi-purpose spaces, a pool, patios and outdoor areas, as well as... Read More »Newpoint Adds Fannie/Freddie Platforms
NewPoint Real Estate Capital launched a new offering for its seniors housing clients to obtain agency. The commercial real estate finance company was approved as both a Fannie Mae seniors housing lender and Freddie Mac Optigo seniors housing lender, adding to its existing and robust HUD and bridge lending platforms. The platform will be overseen by Sean Huntsman, Managing Director, Seniors Housing Originations and Katherine Stewart, Managing Director and Platform Lead at NewPoint. Eligible properties include independent living, assisted living and memory care facilities, as well as facilities with a limited amount (maximum 20% of NOI) of skilled nursing. Loans can be fixed- or... Read More »Assisted living Community Sells in Minnesota
Bob Richards of Senior Care Realty closed the sale of a small assisted living community in northern Minnesota. A local provider that manages other facilities in the area had operated the property since before the pandemic and finally exercised its lease option for a price of $925,000, or $46,250 per unit. Built in 2005, the 20-unit community cares for a combination of private pay and managed care residents. RWR Realty LLC was the broker of record, and the community was marketed by Senior Care Realty. Read More »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 »Schedule a demo
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