Ventas Closes ARC Deal
American Realty Capital Healthcare Trust shareholders trade their shares for Ventas shares. At the end of last week, Ventas closed on its acquisition of American Realty Capital Healthcare Trust. The deal was first announced last June 2 as a stock-for-stock transaction valued at about $2.6 billion, with up to 10% of the ARC shares redeemable for cash. At the time, Ventas was trading at about $66 per share, but its shares have increased by almost 17% to $77 since then. Fewer than one million shares of ARC took the cash option, with almost all shareholders taking the Ventas stock. And why not? The shares had appreciated, Ventas has a growing dividend, interest rates aren’t going anywhere... Read More »Occupancy Increases in 4th Quarter
Assisted living and independent living occupancy rates continue to increase. It’s always nice to start the New Year with a little good news, and the good news I am talking about is the sequential and year-over-year increases in occupancy rates across seniors housing. The NIC MAP data has shown the largest increases to be in independent living, which makes sense since there are fewer new units coming on stream. The odd thing from the data is that occupancy levels in the primary 31 markets averages about 40 to 50 basis points lower than the other 68 markets covered by NIC MAP. A similar phenomenon exists with construction starts as a percentage of supply. In the top 31 markets, trailing... Read More »The Village at Orchard Ridge gets bond financing
The Village at Orchard Ridge, a National Lutheran Community in Winchester, Virginia, is a CCRC that is ready to undergo Phase II of construction with the help of a $67.8 million tax-exempt bond issue. Phase I, which opened in 2013, featured 51 IL cottages, 127 AL units, 18 AL/MC units and 10 private skilled nursing units. With Phase I’s success, National Lutheran Communities & Services (NLCS) is ready to start construction on Phase II this month, which will include an additional 104 IL units, 10 private SN suites, a 15,000 square foot wellness center with an indoor pool and a 150-seat dining expansion. The financing, which will also partially fund 18 IL cottages set to open this month,... Read More »Seniors housing growing rapidly in Tulsa
Wichita, Kansas-based Oxford Senior Living, which has four assisted living/memory care communities open in Texas (2) and Kansas (2), is entering the Oklahoma market, having recently purchased land in Oswasso (Tulsa MSA) to build a 36-unit memory care community for $6 million, or $166,700 per unit, which is about average for memory care in the state according to our data. Oxford found a partner in CarrBaierCrandall Real Estate Group, based in Kansas City, Missouri, to help finance the project, which is expected to be completed in August 2015. Tulsa-based ECO Enterprises Inc. is the general contractor, while Wichita-based LK Architecture was brought in as the architect. The Tulsa area has... Read More »Opportunistic Texas developers growing in-state and out
Civitas Senior Living is flexible when it comes to its growth. With the right deal and the right partner, the company develops assisted living/memory care communities with the intent of owning and operating them outright, co-owning with a development partner or being brought in as a third-party manager with a smaller ownership stake. They’ll build independent living where it’s needed too. With three properties open, and two of them stabilized in Winnsboro (East Texas) and Mesquite (Dallas MSA) with 94% occupancy, Civitas has five communities under construction, with two set to open in March 2015 in Midlothian (North Texas) and Austin, two in June 2015 in Flower Mound and Allen (both Dallas... Read More »RED Capital fueling Discovery Senior Living
RED Capital Partners is helping to fuel the growth of one Florida seniors housing developer with six to 10 properties in the works in the Sunshine State. Discovery Senior Living currently manages and partially owns (through its affiliate Discovery Management Group) six large “Aston Gardens” independent living communities in Florida, and the company took over operations and received an ownership interest from Plano, Texas-based Conservatory Senior Living at five independent living communities in Texas (totaling 1,051 units) in March 2014. The company has also made other acquisitions in Florida and Alabama. But, Discovery is fast getting into assisted living and memory care development too.... Read More »MorseLife’s $150 million Expansion
MorseLife, a not-for-profit provider of senior care and housing at its campus in West Palm Beach, Florida, is currently undergoing a four-phase $150 million capital expansion project called The Campaign to Transform MorseLife. The company embarked on the campaign in 2010, and has so far raised about $25 million, with more to come from individual philanthropists. Two phases have already been completed, including the addition of a short-term rehab facility that houses 120 beds and a significant renovation of the campus’ 160-bed long-term care building. MorseLife has already commenced construction on a new 82-unit assisted living/memory care building that is set to open in May 2015. Finally,... Read More »LCB Senior Living fast expanding in New England
Few are talking about New England during this seniors housing development boom. In the Northeast, there are more barriers-to-entry, more existing product and more expensive land, in sharp contrast to a region like the Southwest where construction is fast leading to overdevelopment in some areas. But with a higher income population, an aging product and less competition for brand new communities, some developers have big plans in New England. According to our database, Epoch Senior Living has three “Bridges by EPOCH” communities under construction and set to open in summer 2015 in Connecticut. Benchmark Senior Living has been a consistent builder in New England, with two communities opening... Read More »Celebration, indeed, for one Florida developer
When there’s no senior living community within 15 miles of a town with an aging, well-off population, opportunity’s knocking for the first developer to get in there. That was case for Richard Ackerman, founder of Big Rock Partners, a private real estate investment management firm based in Beverly Hills, California and Delray Beach, Florida that invests in and develops a wide variety of commercial real estate. Ackerman, before founding Big Rock in 2004, previously worked at Apollo Real Estate Advisors and Crocker Realty Trust specializing in development and ownership of office buildings and other commercial and residential real estate. Recently, Ackerman bought land in Celebration, Florida... Read More »Aging Maine
Mark Eves, the Democratic Speaker of Maine’s House of Representatives, released a report recently that showed a growing issue in Maine: that the state with the oldest population did not have enough adequate housing for its growing senior population. Maine already has the oldest population based on median age (44 years), and by 2030, one in four of Maine’s residents will be 65 or older. While the state’s Baby Boomers still have a ways to go before they need senior care, 17% of the state’s population is 65 and older, second only to Florida with 18%, according to the U.S. Census. If construction for seniors housing is so hot in Florida, what about Maine? In our seniors housing construction... Read More »Schedule a demo
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