Summit Healthcare REIT Sells Oregon Community
Summit Healthcare REIT exited its memory care community in Corvallis, Oregon, selling the property for $11 million, or about $344,000 per unit. Featuring 48 beds in 32 units, Regent Court Senior Living was originally built in 2000. Operations were strong, with the community taking advantage of the favorable Medicaid rates in Oregon. In 2016, Summit bought the community plus a 39-unit assisted living community in Citrus Heights, California in a joint venture with Fantasia Investment III LLC and a U.S.-based affiliate of Fantasia Holdings Group Co. Limited, a Chinese corporation listed on the Hong Kong stock exchange, for a combined $23 million, or $365,100 per unit. Summit held 20% of the... Read More »
CBRE Returns to Refinance TX Property
After originally financing the acquisition of a seniors housing community in The Woodlands, Texas, CBRE National Senior Housing returned to refinance the property on behalf of the Saudi Economic and Development Company (SEDCO Capital) and Madison Marquette. The Village at Woodlands Waterway was built in 2011 on a 2.66-acre site with 116 independent living, 63 assisted living and 28 memory care units. It is located in the center of The Woodlands along “The Waterway” that connects to all of the area’s main attractions, entertainment, shopping and hospitality. Seven years ago, CBRE handled the property’s sale from Harrison Street and Bridgewood Property Company and originated $55.2 million... Read More »
Del Webb Adds To Tennessee Portfolio
One of the pioneers of the growing active adult sector announced the groundbreaking of a new community in Murfreesboro, Tennessee. The project will be of typical Del Webb size: so, 1,100 single-family homes with an abundance of amenities. Del Webb Southern Harmony will offer 12 single-story home designs with 2-4 bedrooms, large kitchen islands, tall sliding glass doors to maximize natural light and flow easily between indoor and outdoor living, and spacious owner’s suites with spa-like baths. The open-concept residents’ clubhouse will be anchored by a great room leading to a large patio and event lawn with fire feature. Adjoining the great room will be a fully equipped... Read More »
Two Years of COVID: What Now, and What’s Next?
On March 17th, 2022, Steve Monroe, Managing Editor of The SeniorCare Investor, spoke with three expert panelists on the state of the senior housing and care industry now two years into the pandemic. Steve was joined by three association heads: David Schless, president of American Seniors Housing Association (ASHA), Mark Parkinson, President and CEO of American Health Care Association (AHCA/NCAL) and James Balda, President and CEO of Argentum. In the hour-long discussion, they covered a wide range of topics, including consumer education, labor, census, affordability and how to prepare for the future should any emergencies arise. Mr. Monroe kicked off the webinar by asking the... Read More »
Attention to Wellness in Active Adult Living
New construction in the senior care industry dropped during the pandemic for a variety of reasons, but we may be in the midst of a construction boom for active adult communities. We are reminded of 2014, when our inbox was starting to fill with many developers announcing their latest assisted living/memory care community groundbreakings. Not only that, investors and operators started to launch new development pipelines (some a little too ambitious), touting the unstoppable force of “demographics.” Eight years later, we are much closer to the baby boomers aging into seniors housing, and most of the new construction announcements have been in the lower-acuity, low-service active adult... Read More »
1031 Crowdfunding Buys Two South Central Communities
We learned that 1031 Crowdfunding, an Irvine, California-based real estate investing platform, acquired two memory care communities in Oklahoma and Texas, therefore fully subscribing its $16.9 million opportunity fund, 1031CF Portfolio 1 DST. This was the company’s sixth investment in seniors housing. The opportunity fund secured participation from 47 outside investors after launching on December 28, 2021. Combining for 88 beds and 76 units, the communities are located in the Dallas-Fort Worth and Oklahoma City MSAs. Operational performance stayed consistent throughout the COVID-19 pandemic with occupancies exceeding 95% (currently at 91%), while generating $5.9 million in total revenue... Read More »March 2022 Webinar – Two Years of COVID: What Now, and What’s Next?
March 17, 2022 About the Webinar: It is two years from the start of the pandemic. No one expected it to last this long. What now, and what’s next? Hear what the industry association leaders think should be done to improve the labor situation, increase census and deal with regulatory concerns in the skilled nursing sector. Their members include the entire seniors housing and care sectors, so what they think and do will be crucial for the future of our industry. Panelists: Steve Monroe, Managing Editor, The SeniorCare Investor (moderator) David Schless, President, American Seniors Housing Association (ASHA) James Balda, President and CEO, Argentum Mark Parkinson, President and CEO, American... Read More »
Covering the Capital Markets with Chris Callahan of X-Caliber Capital
Ben Swett sat down with Chris Callahan of X-Caliber Capital to discuss the senior care M&A market, capital market issues and new construction in the industry. Read More »
Blueprint Announces Title Changes, And A Deal
Coming off another successful year for M&A closings, Blueprint Healthcare Real Estate Advisors announced several role changes. First, co-founders Ben Firestone and Jacob Gehl were named Chief Executive Officer and Chief Vision Officer, respectively. Mr. Firestone will continue leading the firm’s management team and tinkering with its service offerings, while Mr. Gehl will develop and execute Blueprint’s long-term growth plan. Both will continue acting as investment sales advisors as well. In addition, longtime team members Ryan Chase, Michael Segal and Steve Thomes rose to partners and Executive Managing Directors. We also learned that Blueprint has current offerings... Read More »
Upscale Active Adult Community Sells in Texas
JLL Capital Markets represented the owner of a 210-unit active adult community in Georgetown, Texas in the property’s sale to two private equity firms. Opened in 2021, Northstar Georgetown is an upscale, low-rise community with both one- and two-bedroom units averaging 1,016 square feet. Apartment amenities include walk-in showers and soaking tubs, private yards and balconies, private parking and garage spaces, full sized washers and dryers, granite counter tops and stainless steel appliances. There is also a media center and theatre room, pool and spa, outdoor firepit with seating area, landscaped courtyards and pickleball and bocce ball courts. Chalk Hill Ventures sold the community to... Read More »Schedule a demo
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