60 Seconds with Steve Monroe: The Road to Recovery
We are now halfway through 2022, and 15 months into the post-pandemic recovery. But with interest rates and inflation rising, there could be new headwinds to a full recovery. Speaking of full recovery, most of the talk has been about getting back to pre-pandemic levels of occupancy, NOI and NOI margin. That is certainly a first step. But there is a big difference between pre-pandemic levels, and say, those levels in 2016 or 2017 which, at a minimum, should really be the target. For example, Welltower’s SHOP portfolio of 51,000 seniors housing units had a 91.0% occupancy rate and margin of 32.8% in the first quarter of 2016. By the fourth quarter of 2019, with 70,000 units, they had fallen... Read More »Cushman & Wakefield Handles New Jersey Transaction
Last week, Inspired Healthcare Capital announced its acquisition of Homestead at Hamilton, a 195-unit seniors housing community in Hamilton, New Jersey, and we have learned that Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin arranged the sale. Built in 2017 at a cost of approximately $60 million, or $308,000 per unit, the Class-A building has 96 independent living (opened in November 2017), 75 assisted living and 24 memory care units (licensed in April 2018). A joint venture between Pike Construction Co. and Solvere Senior Living developed the community. Amenities include a restaurant-style dining room, a pub, a card and game room, an exercise studio and... Read More »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 »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 »Takeaways from the Active Adult Webinar
On June 23rd, 2022, Ben Swett, Editor of The SeniorCare Investor, spoke with two expert panelists on the active adult market, the opportunities within it and the risks. Ben was joined by Jane Arthur Roslovic, CEO and Co-Founder of Treplus Communities, and Leland Manning, Director of Newmark, to discuss what this new asset class even is, which markets are ripe for development and what the current state of the active adult M&A market looks like. Mr. Swett kicked off the webinar by asking the panelists to define the active adult market, which has taken off over the past few years. Ms. Roslovic and Mr. Manning spoke about active adult as being a “state of mind” for people aged 55 and... Read More »Schedule a demo
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