Multifamily Investor Enters Active Adult Arena
Castle Lanterra, a New York-based national real estate investment firm which had $750 million in transaction volume during 2021, acquired Diamond Oaks Village, a 160-unit active adult community in Bonita Springs, for its first acquisition in the seniors housing space. Built in 2017 by the United Group of Companies, the gated community offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies. Community amenities include a covered parking garage, fitness center, outdoor pool and spa, dog park, putting green and bistro, bar and a... Read More »
CBRE Refinances Costa Mesa, California Community
CBRE National Senior Housing arranged financing for Coastal Heights Senior Living, a 148-unit independent living community in Costa Mesa, California (Orange County). Aron Will, Austin Sacco and Adam Mincberg secured the debt through Stone Beach Capital, a New York-based investment fund focused on credit opportunities in the United States and Europe. The owners, a joint venture between Capitol Seniors Housing and an institutional equity partner received a three-year, $15.5 million loan with a floating rate and a full term of interest only. Opened in 1990, the community will continue to be third-party managed by Integral Senior Living. It was acquired by the current owners in 2016 and... Read More »
Hackensack Meridian Health Divests Majority of SNF Portfolio
Not-for-profit health system Hackensack Meridian Health announced plans to sell a majority of its skilled nursing facilities and assisted living communities to Complete Care Management. The agreement involves 11 of Hackensack Meridian’s 14 skilled nursing facilities, with approximately 1,630 beds and 2,100 employees. Terms of the deal, which still must be approved by the state Department of Health, were not disclosed. The facilities are located in Brick Township, Ocean Grove, Shrewsbury, Wall, Holmdel, North Bergen, Plainfield, Edison and Hackensack. The locations would join Complete Care’s 41-facility portfolio in the Garden State, which it has grown since launching in 2015.... Read More »
60 Seconds with Steve Monroe: Senior Housing Women’s Initiative
Bring out the pink at this week’s NIC Conference in Dallas and show your support for women in seniors housing. I hope you have noticed, like I have, the growing ranks of women in seniors housing and care. Think back 20 years ago at NIC, or even 10 years, and women were far and few between in attendance. They are operators, investors, lenders, lawyers, brokers, appraisers, consultants – everything under the sun. And this makes perfect sense. Our industry is an employer of women. Something like 75% or more of employees in seniors housing are women, and I am sure they all like to see other women in leadership roles. And, by seeing them in these roles, it is something they... Read More »
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 »Schedule a demo
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