Blueprint Closes Two SNF Sales
Blueprint Healthcare Real Estate Advisors’ Connor Doherty and Ryan Kelly announced two recent SNF closings. We’re used to the pair working on deals in the Buckeye State, but the first transaction consisted of a 50-bed/19-unit private-pay skilled nursing facility and independent living community in Cape Cod, Massachusetts. Named The Terrace Orleans, the facility was originally built in 1968 and was fully renovated in 2000. A Massachusetts-based operator seeking to grow its regional presence was selected as the buyer, and this purchase marks the operator’s first facility real estate acquisition. No purchase price was disclosed. The second transaction involved the sale of two skilled nursing... Read More »
Cushman & Wakefield Sells Two Massachusetts Communities
Cushman & Wakefield’s Senior Housing Capital Markets team arranged the sale of Wingate Residences at Boylston Place, a 48-unit assisted living community, and Wingate at Chestnut Hill, a 135-bed skilled nursing facility on a campus in Chestnut Hill, Massachusetts. C&W represented the institutional seller, a pension fund investor who is exiting the senior living space. They selected a joint venture between Harrison Street and LCB Senior Living, LLC as the buyer. LCB plans to upgrade the existing assisted living building and convert the existing skilled nursing portion to additional assisted living space, memory care and common areas. This is the fifth closing in a series of... Read More »
JCH Senior Housing Closes SNF Sale in California
JCH Senior Housing Investment Brokerage has closed a skilled nursing facility sale in Fresno, California. An owner/operator sold the facility for $6.42 million after needing an immediate buyer to keep the facility afloat, and an experienced regional owner/operator looking to expand its presence in the Fresno area ultimately purchased it. The facility was under LOI within two weeks, so it sounds like mission accomplished. Cindy Hazzard and Jennifer Contreras of JCH handled the transaction. Read More »
CBRE Closes Large Acquisition Financing
CBRE National Senior Housing arranged more than $200 million in acquisition and recapitalization financing for seven senior living communities across three different transactions. The financing was done on behalf of Monarch Alternative Capital LP and REDICO, the buyers of the properties. The portfolio includes 1,133 units of independent living, assisted living and memory care in Florida, Illinois and Michigan. The five Florida properties with 817 units are relatively new and have been operated by American House Senior Living Communities. They are located in Bluewater Bay, Bonita Springs, Coconut Point, Fort Myers and Wildwood. The one community in... Read More »
CareTrust REIT CEO Greg Stapley Steps Down
Amid rumors that CareTrust REIT was looking to make some changes, which may have included a sale or merger of the company into another REIT, the company announced that the CEO, Greg Stapley, will be stepping down at the end of the year, and sometime next year he will commence a three-year, full-time volunteer assignment with The Church of Latter-Day Saints with his wife. CareTrust was spun out from The Ensign Group in 2014 and Greg has been the only CEO since then. He will become the Executive Chairman at CareTrust. Taking over will be David Sedgewick, who has been President and COO and will now add the CEO title. He was with Ensign from 2001... Read More »
Radiant Senior Living Sells AL Community in Washington
Ziegler announced its role as exclusive sell-side advisor to Radiant Senior Living in the sale of South Pointe Assisted Living, a 42-unit independent living and assisted living community located in Everett, Washington. Radiant, a West-Coast-based family-owner and operator of senior care communities, acquired the community in 2020 as part of a larger portfolio transaction including one other community in the Greater Seattle area as well as another community in Bozeman, Montana. The portfolio, which featured a majority of assisted living units, reportedly sold for just under $200,000 per unit. Prior to acquiring the community from the previous lessor, Radiant... Read More »
Blueprint Closes Sale of Rural Washington Community
Blueprint Real Estate Advisors is closing 2021 with a slew of deals, including Blake Bozett’s sale of a 40-unit assisted living community in Prosser, Washington. Built in 1999, Amber Hills Assisted Living underwent a $2 million expansion in 2016. It has a nearly 30% Medicaid census, and the community was positioned as a value-add opportunity, with occupancy fluctuating during the transaction process. The seller is a local group who has been in the senior living industry for decades but will focus their energy on different business endeavors, and the buyer is a regional owner/operator, which will look to increase the assisted living unit count through a... Read More »
Brookdale Month-End Occupancy Falls in November
The brevity of Brookdale Senior Living’s occupancy update said a lot: there was not much good news to report. After eight consecutive months of increases, month-end occupancy decreased by 20 basis points from 74.5% in October to 74.3% in November. There could be numerous reasons for this, from the Omicron variant to the onset of the flu season to a staffing shortage, but demand clearly did not overcome these factors in the month of November. And these headwinds are not getting better anytime soon. Brookdale expects to continue publishing monthly occupancy through December 2021 reporting, so we could learn whether this decline is a blip or a trend. Brookdale did... Read More »
AL Sale in Arizona Closed By The Knapp-Stahler Group
Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap recently closed on the sale of an 83-unit assisted living/memory care community in the Phoenix, Arizona MSA. Built in 2017, the property includes more than 120 beds. A national private equity firm that originally developed the community also managed the property, but ran into challenges throughout the pandemic. They selected an experienced, western-based owner/operator to acquire the community, with a closing price falling significantly below replacement cost. No other details were disclosed. Read More »
Luxury Development By JV Underway in Florida
A joint venture between Ryan Companies and Grand Living Management is set to begin the development of a luxury 206-unit senior living community in Naples, Florida. The developers acquired the 7.9-acre parcel of land for the project for $5.2 million according to Collier County Data. The JV also received a five-year, $48.7 million construction loan from Trustmark National Bank to support the development. Named Grand Living at Naples, the community will consist of 166 independent and assisted living units and 40 memory care units across 241,071 square feet and four stories. Amenities will include various dining spots, a library, club room, wellness center with a fitness area, a spa and a... Read More »Schedule a demo
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