Sabra Health Care REIT Buys Class-A Georgia Asset
Berkadia represented Principal Senior Living Group in its sale of Benton House Decatur, a 73-unit assisted living and memory care community in Decatur, Georgia, approximately ten miles northeast of downtown Atlanta. Managing Directors Ross Sanders, Dave Fasano, Cody Tremper, and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the transaction. Benton House Decatur was purchased on December 1 by a long-time owner of seniors housing communities and will be operated by Phoenix Senior Living going forward. The community’s new name will be The Retreat at Decatur. Built in 2017, the property has achieved steadily high occupancy and strong margins, boasting an... Read More »
Family Owned/Operated Company Purchases in Ostego
A family owned and operated company based in Michigan bought an assisted living/memory care community in the Wolverine State. Built in 2016, the community is located in Otsego, Minnesota, about 40 miles south of Grand Rapids and 10 miles north of Kalamazoo. There were no major competitors in the local market that offered both AL and MC services on one campus. And the community was stabilized at the time of the sale. Daniel Geraghty, Bradley Clousing and Matthew Alley of Senior Living Investment Brokerage represented the seller, an owner/operator that focuses on states east of the Mississippi River. There were multiple qualified offers for the seller to review, and the deal closed... Read More »
Welltower Sells Vintage Park Portfolio
Midwest Health completed the largest acquisition in its nearly five-decade history, and in its home state of Kansas. The Topeka-based firm bought 15 assisted living communities with the help of its financial partner, Capitol Federal, a bank also headquartered in Topeka. The 15 communities were formerly under the Vintage Park brand and will now be branded as Homestead Assisted Living communities. Totaling approximately 600 units, they are located in Atchison, Baldwin City, Gardner, Hiawatha, Holton, Lenexa, Louisburg, Osage City, Osawatomie, Ottawa, Overland Park, Paola, Tonganoxie, Wamego and Wichita. On January 1, 2016, Welltower acquired 18 Vintage Park... Read More »
Well-Performing Facility Sells for Strong Price
A rare skilled nursing and behavioral health facility in Tucson, Arizona, sold for a strong price to a partnership between a regional healthcare equity investor and a national skilled nursing operator. Featuring more than 140 beds, the facility is licensed by the state for both medical and behavioral health services, being the only SNF in the Tucson area to be dedicated exclusively to behavioral healthcare. That helped contribute to its strong financial performance with healthy cash flow, as well as to investor interest in the listing. The facility also recently received capital enhancements. Henry “Hap” Knowles, Nick Stahler and Michael Mooney of The Knapp-Stahler Group at Marcus... Read More »
Active Adult Community Secures Freddie Mac Refinance
An active adult community in Hurst, Texas, paid off its existing bank debt with a Freddie Mac refinance arranged by Berkadia. Heritage Village Residences was built in 2014 with 120 units, including 10 cottages. It was part of multiple acquisitions over the years, first in 2020 when Edison Equity Management Corporation bought it for $23.3 million and invested approximately $500,000 in renovations. As a result of the property renovations, management was able to significantly increase in-place rents. Then, in December 2022, Edison Equity sold the property to an out-of-state buyer in an “off-market” process with a local broker who represented an out-of-state buyer with an existing Dallas-Fort... Read More »
Upstate NY Seniors Housing Community Trades
Kory Buzin and Steve Thomes of Blueprint facilitated the sale of a seniors housing community in upstate New York that stakeholders were divesting to take advantage of positive performance trends and a strong M&A market. The Legacy at Cranberry Landing, a 95-unit independent living, assisted living and memory care community in Rochester, was constructed in 2004 and fully renovated in 2015. The community is licensed to accept Enhanced Assisted Living Residents. It experienced recent occupancy increases. Multiple offers for the community were procured, with a growing regional owner based in the Northeast selected as the buyer. There were issues between LOI and closing, but Buzin and... Read More »
Seniors Housing Investment Vehicle Acquires First Asset
Focus Healthcare Partners acquired Bellingham at West Chester, a 274-unit seniors housing community in West Chester, Pennsylvania. The investment is Focus’ first for its newest investment vehicle, Focus Senior Housing Fund III. The property sits on an 11.8-acre site 20 miles west of downtown Philadelphia. It comprises 208 independent living, 50 assisted living and 16 memory care units. Also located on the campus is a historical site, Washington’s Tavern, built in the 1700s as a barn for a mill farm, which has now been repurposed to a dining and event space for residents. LCS manages the property. According to LevinPro LTC, the community was previously sold by Walton Street Capital and... Read More »
Management Transfer Includes Purchase Option
A senior care campus in Waterloo, Illinois, secured a new operator thanks to Ray Giannini of Marcus & Millichap. Featuring 144 skilled nursing beds and 50 independent living units, Oak Hill – Senior Living and Rehabilitation Center was well occupied with a strong quality mix. It was owned by Monroe County, which wanted to retain the real estate of the campus. So, Giannini secured a long-term, triple-net lease with a new operating partner. The agreement included a purchase option. Read More »
Bank Provides Refinance to Family Office
BHI, the U.S. branch of Bank Hapoalim, provided a $29.0 million loan for the refinancing of an assisted living and skilled nursing facility in West Palm Beach, Florida. Gold Standard of Care Group, a Florida-based family office with a focus on healthcare and senior care and over $150 million in assets, was the borrower. Totaling 70,272 square feet, the property was originally built in 1995. Significant renovations were completed in 2023 and 2024. Amenities at the community include a salon, bistro, chapel, courtyard, concierge, game room, gym, library, transportation, lounges, private dining and a spa room. Colonial Assisted Living Management operates the facility. According to... Read More »
Owner/Operator Acquires Its Second Community
Unbridled Living, an owner/operator of independent living, assisted living and memory care communities across the United States, acquired its second seniors housing community, The Reserve at North Dallas. The Class-A community is in Dallas, Texas, with 247 independent living and 26 assisted living units. The building was in good shape, as the previous owner invested in capital improvements, and it was performing well. But there was still upside potential, with Unbridled Living planning to focus on improving operations, specifically dining and overtime, and increasing occupancy. The community will be rebranded as Unbridled Living of Dallas. This is the first investment made... Read More »Schedule a demo
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