Winterpast Capital Partners Acquires Assisted Living Community in Texas
Cushman & Wakefield sold an assisted living community in Richardson, Texas (Dallas MSA). Built in 1999 and renovated in 2018, Appletree Court comprises 112 assisted living units and sits on two acres just 15 miles north of Dallas. The seller was Franklin Park Senior Living, which owns five communities around San Antonio. At the time of sale occupancy was at 90% and believed to be fully recovered from the pandemic. Appletree Court was acquired by Winterpast Capital Partners, a seniors housing investor with a captive operator platform called Vitality Senior Living. Marcus Investments also partnered with Winterpast Capital Partners on the investment. Winterpast plans to convert a portion... Read More »
SLIB Handles Missouri Independent Living Deal
Jeff Binder of Senior Living Investment Brokerage sold a small entrance-fee independent living community in the St. Louis suburb of Webster Groves, Missouri. He represented a long-time seniors housing developer based in the area who was looking to retire. Featuring just 33 units, Pacific Place Senior Living was built in stages in 1987, 1996 and 1998 within restaurants and shops in downtown Webster Groves. All but five of the units had an entrance fee, with those five being rentals, and the community was fully occupied. It also boasted a 45% operating margin, even when not including the additional revenue derived from turning a unit over with a new, substantially higher entrance fee. A... Read More »
Greystone Secures Fannie Mae Loan for LCS Community
On the same day that Tyler Armstrong of Greystone arranged a bank loan for LCS to refinance a 169-unit senior living community in Waco, Texas, he also secured a $40.387 Fannie Mae refinance for another LCS-owned community in League City, Texas (Houston MSA). Built in 2018 by LCS Development, The Delaney at South Shore features 204 units and nearly 205,000 square feet of independent living, assisted living and memory care. Mr. Armstrong structured a fixed-rate, non-recourse loan with a 10-year term, 30-year amortization and five years of interest only. Read More »
Passco Companies and Trustwell Living Add Tennessee Community
Passco Companies, a California-based commercial real estate company, acquired a newly built independent living community in Knoxville, Tennessee, and will bring in Trustwell Living to operate it going forward. Opened in 2020 with 145 units, the community is already 98% leased with a waitlist. That means someone did their homework on local demand. The three-story community features one- and two-bedroom units, with a fitness center, game room, theater, activities area, greenhouse, dog park, putting green, pickleball court, library and indoor pool. It was formerly known as Prime West Knoxville but will be rebranded as Trustwell Living of West Knoxville. Cushman & Wakefield’s Senior... Read More »
Welltower Provides ProMedica Transition Update
Welltower released an update to its transition of the ProMedica portfolio to Integra Health, with Welltower absolving ProMedica from its lease obligations on all 147 facilities as of December 22, 2022. Integra has entered into a master lease for the entire portfolio and will bear financial responsibility for all the assets. Approximately 15 regional operators will be brought on to take over management of the ProMedica assets under subleases, with Integra acting as master tenant. Then, on December 23, 2022, Welltower sold a 15% interest in the real estate of 54 ProMedica SNFs to Integra for approximately $73 million. This represents the initial tranche of the previously disclosed 85/15... Read More »
SoCal Investor Enters Seniors Housing Market in SLIB Deal
A southern California-based investment group made its first seniors housing acquisition, buying Merrill Gardens Oceanside in Oceanside, California (San Diego MSA). An East Coast-based private equity firm hired Brad Goodsell, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage to sell the property. Built in 1999, the community features 148 beds and 144 units of independent living, assisted living and memory care. It was around 75% occupied but was losing money at the time of marketing. No purchase price was disclosed. Read More »
Inspired Healthcare Capital Announces 12th Acquisition of 2022
Scottsdale, Arizona-based real estate investment fund and DST sponsor Inspired Healthcare Capital capped its active acquisition year with a December deal. The firm acquired Dancing River, an 84-unit assisted living/memory care community in Grapevine, Texas. Evans Senior Investments announced its involvement in the deal earlier in the month, representing the institutional private equity seller. Built in 2010, Dancing River saw its occupancy drop from 93% to 70% during the pandemic. However, census rebounded to pre-pandemic levels just before marketing began, and the community boasted a 35% margin in early 2022. There is also upside in rent increases, meaning that the operating margin could... Read More »
Walker & Dunlop Refinances Nebraska Communities
Walker & Dunlop provided HUD refinancings for two assisted living communities in Nebraska: Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Kevin Giusti and Mikko Erkamaa led the W&D teams in both deals on behalf of the borrower, MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Opened in 2019 with 71 units of assisted living and memory care, Fallbrook received a $13.3 million loan. Oxbow, which was built more than 16 years ago with 79 AL and MC units in three stories, received a $7.6 million loan. Read More »
PE Firms Trade Texas Community
An institutional private equity group sold an 84-unit assisted living/memory care community in Grapevine, Texas (about 20 miles northwest of Dallas), to another private equity company based on the West Coast, with Evans Senior Investments handling the transaction. The property sold for $25 million, or $298,000 per unit. Built in 2010, Dancing River saw its occupancy drop from 93% to 70% during the pandemic. However, census rebounded to pre-pandemic levels just before marketing began, and the community boasted a 35% margin in early 2022. There is also upside in rent increases, meaning that the operating margin could improve even more. Read More »
Denton Floyd Acquires Nashville-Area Assisted Living Communities
Denton Floyd Real Estate Group, along with operating partner Vitality Senior Services, announced its acquisition of two assisted living/memory care communities in the Nashville, Tennessee area. It was also revealed that Bridge Investment Group was the seller, albeit for an undisclosed price. The PE firm acquired the properties in 2014 and has had several operating partners manage them over the years, most recently Vitality Living (different from Vitality Senior Services). Located in Mt. Juliet and Franklin, the communities combine for 115 units of assisted living and memory care. Both were built around 2010 and experienced a COVID-related decline in operations. However, occupancy and cash... Read More »Schedule a demo
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