Invesque Sells Portfolio to LTC Properties
Invesque Inc. announced three separate sales transactions totaling approximately $75 million that occurred in late March and early April. First, Invesque sold a vacant community in Port Royal, South Carolina. The standalone memory care community was previously managed by Phoenix Senior Living but will be repurposed for an alternate use by its new owner. It sold for $3.5 million, generating proceeds which were used entirely to pay down debt. Next, Invesque sold two seniors housing communities with 99 units in New York. Premier Senior Living formerly operated them under an absolute triple-net master lease, which was terminated in October 2021. Hearth Management operated the communities... Read More »
Houston-Area Memory Care Portfolio Sells
Cushman & Wakefield’s National Senior Housing Capital Markets team arranged the sale of a 152-unit portfolio containing four stand-alone memory care communities located in the greater Houston metro area. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Chris Remeika represented the seller, Healthcare Trust, Inc., in the transaction. McFarlin Group, a Dallas-based private equity firm, acquired the portfolio and closed all cash, although the purchase price was not disclosed. The portfolio included Addington Place of The Woodlands, Addington Place of Cy-Fair, Addington Place of Meyerland and Addington Place of Clear Lake, all of which opened between 2010 and... Read More »
The Ensign Group Adds Three Operations
The Ensign Group, Inc. acquired the operations of the following assisted living facilities in California and Washington. The deal included Sea Cliff Assisted Living, an 84-unit assisted living community located in Huntington Beach, California, The Grove Assisted Living, a 90-unit assisted living community in Riverside, California, and Redmond Heights Senior Living, a 97-unit AL community in Redmond, Washington. These acquisitions were effective April 1, 2022. The real estate at Sea Cliff Assisted Living is already owned by an Ensign affiliate, but The Grove Assisted Living and Redmond Heights Senior Living will each be subject to a long-term, triple net lease. Sea Cliff Assisted Living... Read More »
Welltower and Sparrow Partners Team Up on Active Adult
Sparrow Partners and Welltower will open a 193-unit active adult community in the Dallas-area suburb of Sachse this fall. Part of The Station, a $500 million mixed-use community developed by PMB Capital Investments, Amberlin at the Station will feature resort-style amenities and a daily schedule of free activities. There will be one- and-two-bedroom apartments ranging in size from 615 square feet to 1,285 square feet with private terraces or fenced-in backyards. Rents range from $1,400 to $2,500 per month. Amberlin at the Station will be the third active adult community that Austin-based Sparrow Partners will build and develop in in the Dallas-Fort Worth area. Founded in 2017, the company... Read More »
Vestcor Divests Two High-Quality Communities
The market for high-quality seniors housing communities is rebounding, as many owners chose to sit of the sidelines and rebuilding occupancy before making the decision to sell. Last month, Newmark sold two Class A, stabilized seniors housing communities in Florida, working on behalf of the seller, Jacksonville-based Vestcor Communities in the process. The deal included HarborChase of Mandarin in Jacksonville, a 114-unit community that was developed by Vestcor in 2018, and The Grove at Canopy, a 118-unit luxury senior living community in Tallahassee also developed by Vestcor in 2019. Occupancy at the Jacksonville property dipped to 88% during the pandemic but rebounded to 95% and above... Read More »
Chartwell Expands in Ontario
Chartwell Retirement Residences announced the acquisition of three relatively new retirement communities in Ontario, Canada. Two were built in 2017 and one in 2019, and there are a total of 467 units. Occupancies have ranged from 80.4% to 89.5% as of March 1, 2022. They are located in Collingwood (181 units), Barrie (143 units) and Bowmanville (143 units). The seller was MTCO Holdings, and this is Chartwell’s second transaction with them, having purchased three communities from them in 2015. The purchase price was C$228 million, or C$488,000 per unit (US$390,000 per unit). Inclusive in that price is C$3 million to be paid at the earlier of the completion of a 132-unit condominium... Read More »
Oregon Assisted Living Portfolio Sells
A couple of West Coast entities traded a portfolio of four assisted living/memory care communities in Oregon. Located in Brookings (2), Gold Beach and Sheridan, the communities total 190 beds in 169 units. They were built from 1996 to 2000 and averaged around 90% occupancy. Plus, they operated at a decent 23% margin based on 2021 figures. However, the Oregon-based owner/operator seller wanted to recycle their capital for additional expansion opportunities and engaged Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage to handle the transaction. A joint venture between a Pacific Northwest operator and a California-based private equity company... Read More »
Bellwether Enterprise Announces Five Transactions
Bellwether Enterprise Real Estate Capital LLC closed five loans to finance nine assisted living and memory care communities in the Northeast, Southeast and Southwest. The loans total $151 million. First, Bridge Investment Group received a $64.8 million Fannie Mae loan for a four-property portfolio, including 422 memory care and assisted living units across the Northeast. Bridge Senior Living is the manager of the communities. BWE also secured a $50 million non-recourse construction loan, from a debt fund, on behalf of Bonaventure, for the development of Aspire Alexandra, a 133-unit independent living community in Alexandria, Virginia. Upon completion, Senior Lifestyle Corp. will manage... Read More »
Chartwell Retirement Residences Exits LTC
Chartwell Retirement Residences announced it has entered into an agreement to substantially exit the long-term care home business in Ontario, Canada with an agreement to sell 16 LTC homes to AgeCare Health Services Inc. and Axium Infrastructure Inc. There are several parts of the transaction, with the most significant being the sale of 16 homes with 2,418 beds for C$382 million, or about C$158,000 per bed. This equates to US$126,400 per bed. The facilities range in size from 64 beds to 235 beds, with the majority over 150 beds. All of these are located in Ontario, and all were owned by Chartwell. Next up is the sale of an existing care home with 100 beds currently in operation, with... Read More »
Panorama Commercial Group Closes Durango, Colorado Deal
Minnesota-based Ameritus Property Fund Durango, LLC acquired an assisted living community with a memory care wing in Durango, Colorado. Purpose-built in 1999 and operated by the original developer, the community is licensed for 70 total beds but operates with 56 units. Census and EBITDA had been declining for several years, and the owner decided to sell after the pandemic, exiting the Colorado market in the process. The purchasing entity, Ameritus, approached the opportunity with the intent to purchase, but wanted to manage the community first. Management was handled by Cornerstone Management Services, a firm engaged in commercial and senior living management in Minnesota, Wisconsin,... Read More »Schedule a demo
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